PA9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation (LO 9-2, LO 9-3, LO 9-6) [The following information applies to the questions displayed below) Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a $230,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased on account. The new steal tracks increase the bulldozer's operating articlency. January 30 Wrote check for the amount owed on account for the work completed on January 3. February 1 Repairbd the leather seat on the bulldozer and wrote a check for the full $800 cost. March 1 Paid $3,600 cash for the rights to use computer software for a two-year period. PA9-3 Part 1-b to 3 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 and amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining balance method with a useful life of five years and $40,000 residual value w ante record the depreciation and amortization calculated in requirement 2 Reg 1B Req 2 Reg 3 Prepare the journal entries for each of the above transactions. (If no Required" in the first account field.) required for a transaction/event, select "No Journal Entry View transaction list View journal entry worksheet No Date General Journal Credit Debit 248,000 January 02 Equipment Cash 37,000 247,000 Notes Payable (short-term) Reg 2 > Complete this question by entering your ans Reg 1B Reg 2 Reg 3 For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance method with a useful life of five years and $40,000 residual value. (Do not round intermediate calculations.) Partial Year Depreciation-Equipment Amortization Licensing Rights Journal entry worksheet Record the depreciation and amortization expense on the bulldozer and computer software for the quarter ended March 31. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal