Palmer Cook Productions manages and operates two rock bands. The company entered into the following transactions during a recent year.

January 2

Purchased a tour bus for $102,000 by paying $37,000 cash and signing a $65,000 note due in two years.

January 8

The bus was painted with the logos of the two bands at a cost of $500, 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 $37,500 cost.

February 8

Paid $400 cash to tune up the tour bus.

March 1

Paid $37,000 cash and signed a $275,000 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 $96,000 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 $60,000 for recording equipment.

Complete the table below, indicating the account, amount, and direction of the effect (+ for increase and for decrease) for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)
Assets = Liabilities + Stockholder's Equity January 02 January 08 January 30 February 01 Februaru 08 March 01 March 31 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Palmer Cook 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 $37,000. (Do not round intermediate calculations). Prepare a journal entry to record the depreciation calculated.