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 January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased on account. The new January 30 Wrote a check for the amount owed on account for the work completed on January 3 years steel tracks increase the bulldozer's operating efficiency February 1 Repaired 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. The licensing rights are amortized using the straight-line method with no residual value. 3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. (You should combine both the depreciation and amortization into the same journal entry - HINT: your journal entry will have two debits and two credits)