Please don't only answer a few parts of the question and answer all of it thoroughly and completely. Thank you.
Required information [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 $290,000 by paying $40,000 cash and signing a $250,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $40,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote a check for the amount owed on account for the work completed on January 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,800 cost. March 1 Paid $15,600 cash for the rights to use computer software for a two-year period. 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, if any, 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 $60,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet 345 Purchased a bulldozer for $290,000 by paying $40,000 cash and signing a $250,000 note due in five years. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Replaced the steel tracks on the bulldozer at a cost of $40,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Repaired the leather seat on the bulldozer and wrote a check for the full $2,800 cost. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Paid $15,600 cash for the rights to use computer software for a two-year period. Record the transaction. Note: Enter debits before credits. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, 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 $45,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. (Do not round intermediate calculations.) Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) 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. Required information [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 $290,000 by paying $40,000 cash and signing a $250,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $40,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote a check for the amount owed on account for the work completed on January 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,800 cost. March 1 Paid $15,600 cash for the rights to use computer software for a two-year period. 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, if any, 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 $60,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet 345 Purchased a bulldozer for $290,000 by paying $40,000 cash and signing a $250,000 note due in five years. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Replaced the steel tracks on the bulldozer at a cost of $40,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Repaired the leather seat on the bulldozer and wrote a check for the full $2,800 cost. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Paid $15,600 cash for the rights to use computer software for a two-year period. Record the transaction. Note: Enter debits before credits. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, 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 $45,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. (Do not round intermediate calculations.) Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) 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
