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Need help with number 1, 2, and 3 please!! Palmer Cook Productions manages and operates two rock bands. The company entered into the following transactions
Need help with number 1, 2, and 3 please!!
Palmer Cook Productions manages and operates two rock bands. The company entered into the following transactions during a recent year. Purchased a tour bus for $94,000 by paying $33,000 cash and signing a $61,000 note due in two years. January 2 January 8 The bus was painted with the logos of the two bands at a cost of $300, on account. January 30 Wrote a check for the amount owed on account for the work completed on January 8. February 1 Purchased new speakers and amplifiers and wrote a check for the full $31,500 cost. February 8 Paid $200 cash to tune up the tour bus, March1 Paid $33,000 cash and signed a $255,000 five-year note to purchase a small office building and land. An appraisal indicated that the building and land contributed equally to the total price Paid $92,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $22,000 for band equipment and $62,000 for March 31Step by Step Solution
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