ook int Required information (The following information applies to the questions displayed below.] Palmer Cook Music Productions manages and operates two bands. The company entered into the following transactions during a recent year. January 2 Purchased a tour bus for $78,000 by paying $25,000 cash and signing a $53,000 note due in two years. In its accounting system, the company records the vehicle distinct from other types of equipment. January 8 After the bus was used for nearly one week, it was painted with the logos of the two bands at a cost of $600, on account. The logos did not increase the lifespan, operating capacity, or operating efficiency of the bus, but they were thought to be useful in promoting the bands. 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 $19,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $25,000 cash and signed a $215,000 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. March 31 Paid $84,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Incorporated. The fair values of the tangible assets acquired were $14,000 for band equipment and $54,000 for recording equipment. rences Required: Required: 1-a. Complete the following accounting equation table for the above transactions. TIP: Goodwill is recorded as the excess of the purchase price over the fair value of individual assets. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date January 02 January 02 January 08 January 30 February 011 February 01 February 08 Ces March 011 March 01 March 01 March 31 March 31 March 31 Assets. Liabilities + . . . . . Stockholders' Equity < Prev 11 12 of 17 Next > 326 PM 1-b. Prepare the journal entries for each of the above transactions. 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation amortization that Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residum building is depreciated using the double-declining-balance method, with a 8-year useful life and residual value of $25 Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. Complete this question by entering your answers in the tabs below. Req 18 Req 2 Req 3 ces For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining-balance method, with a 8-year useful life and residual value of $25,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Vehicles Equipment Buildings Partial Year < Req 1B Req 3 > Show less A nces View transaction list Journal entry worksheet < 1 Record the depreciation expense for the three assets at the end of the quarter. Note: Enter debits before credits. Date March 31 4 General Journal Debit Credit Record entry Clear entry View general journal