Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please enter all 5 transactions of the first section! PLEASE SHOW WORK. Required information [The following information applies to the questions displayed below.] Precision Construction

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

please enter all 5 transactions of the first section! PLEASE SHOW WORK.

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 $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 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 $800 cost. March 1 Paid $3,600 cash for the rights to use computer software for a two-year period. I-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 $40,000 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 the depreciation and amortization, if any, calculated in requirement 2. Journal entry worksheet Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a $230,000 note due in five years. Record the transaction. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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 $40,000 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.) 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 $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 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 $800 cost. March 1 Paid $3,600 cash for the rights to use computer software for a two-year period. I-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 $40,000 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 the depreciation and amortization, if any, calculated in requirement 2. Journal entry worksheet Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a $230,000 note due in five years. Record the transaction. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 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 $40,000 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.) 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions