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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

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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 $72,000 by paying $22,000 cash and signing a $58,000 note due in two years. In its accounting system, the company records the vehicle distinct from other types of equipment 8 After the bus was used for nearly one week, it was painted with the logos of the two bands at a cost of January $450, 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 pronoting the bands danuary 30 Wrote a check for the amount owed on account for the work completed on January 8. ebruary 1 Purchased new speakers and amplifiers and wrote a check for the full s15,e00 cost. February 8 Paid $350 cash for minor repairs to the tour bus. h 1 Paid $22,000 cash and signed a $200,e00 five-year note to purchase a small office building and land. An appraisal indicated that the building and 1and contributed equally to the total price. March 31 Paid $81,000 cash to acquire the goodwill and certain tangible assets of Kris" Myth, Inc. The fair values of the tangible assets acquired were $11,000 for band equipment and $51,008 for recording equipment Required 1-a. Complete the table below 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

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