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Required information [The following information applios to the questions displayed below] Palmer Cook Music Productions manages and operates two bands. The company entered into the following transactions during a recent year. Janaary 2 Furchaned a tour bas for $84,000 by paying $28,000 cash and signing a $56,000 note due in two years. In its accounting system, the company records the vehiele distinet fron other types of equipent. January 8 after the bus wan used for nearly one week, it was painted with the logos of the two bands-at a cost of 5750 , on account. The logos did not increase the lifespan, operating capacity, or operating efflelency of the bus, bat they were thought to be useful in pronoting the bands. Janaary 30 wrote a check for the anount oved on account for the work eonpleted on January 8. February I furchased nes speakers and anplifiers and wrote a eheck for the fu11 $24,000 cost. Pebruary \& Paid $650 cask for minor repairn to the tour bus. March 1 paid $28,000 eash and signed a $230,000 five-year note to purehase a snall oftice buildisg and land. An appraisal indicated that the buliding and lasd contributed equally to the cotal price. March 31 Paid 587,000 cash to scquire the goodul11 asd certain tangible assets of Kris' Myth, Incorporated. The tair values of the tangible assets acquired vere $17,000 for band equipsent and $57,000 for recording equipnest. Required: 1-a. Complete the following accounting equation table for the above transactions. TIP: Goodwill is recorded as the excess of the purchase price over the fair value of indlvidual assets. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Pequired: 1-a. Complete the following accounting equation table 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, Llabilities, or Stockholders' Equity with a minus sign.] Required informstion [The following information applies to the questions displayed below] Palmer Cook Music Productions manages and operates two bands. The cempany entered into the following transactions during a recent year. Ianuary 2 Turehaped a tour bus for sw4,000 by payine B2s,000 eash and siphing a $56,000 note doe in two yeard. In ies aceounting syatem, the company recorde tbe wehiele tistinet frot other typet of equipenet. Jeneary a kfeet the bus wat eaed for hearly one veek, it was painted with the logos of the tvo tands at a eperating offielency of the bae, but they vere thought to to usatul in preeotisp the babds. Jatuary 30 Wrote a eheck tor the anount oved os seeount tor the vork ecepleted ob Jahuary. .. rebreaty i Pald i610 eath tor ainoe repairs to tha cour bus. lasd. An sperainal indieated that bhe building asd lana cotributed efially to the cotal priee. The fair values of the cangible aseets aequired were 117,69 for band owipent and 151 , 00d for recoraisg equipent? 1b. Prepare the joumal eetrios for each of the above transactions. 2. For the tang bule and intangible assets acq aired in the preceding transactions, determine the amount of depreciation and amortration that Palmer Cook Music Proddctions should report for the quarter ended Mareh 31. For comvenience, the cqulament and vehicie are depeeciated the same way, using the straight-line method wht a useful iffe of five years and no resigual value. The building is deprecisted using the double-declining balance method, weth a 10-year useful ife and residual value of $28,000 TIP Calculate depreciation from the acquisition dste to the end of the quarter. 3. Prepare a journal ently to record the depreciation calculased in requkement 2 Record the painting charges of $750 on account. 3 Record the payment in full for the painting charges. 4 Record the purchase of speakers and amplifiers for $24,000 cash. 5 Record the cash expense of $650 incurred to tune up the tour bus. 6 Record the purchase of a small office building and land for $28,000 cash and $230,000 five year note. 7 Record the purchase of goodwill and tangible assets for $87,000 cash. Note: = journal entry has been entered 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 Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the eq and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual v buliding is depreciated using the double-declining-balance method, with a 10 -year useful life and residual value of $28,00 Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. 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 that Palmer Cook Music 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 10-year useful life and residual value of $28,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not round intermediate calculations. required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the depreciation expense for the three assets at the end of the quarter. Note: Enter debits before credits. Required information [The following information applios to the questions displayed below] Palmer Cook Music Productions manages and operates two bands. The company entered into the following transactions during a recent year. Janaary 2 Furchaned a tour bas for $84,000 by paying $28,000 cash and signing a $56,000 note due in two years. In its accounting system, the company records the vehiele distinet fron other types of equipent. January 8 after the bus wan used for nearly one week, it was painted with the logos of the two bands-at a cost of 5750 , on account. The logos did not increase the lifespan, operating capacity, or operating efflelency of the bus, bat they were thought to be useful in pronoting the bands. Janaary 30 wrote a check for the anount oved on account for the work eonpleted on January 8. February I furchased nes speakers and anplifiers and wrote a eheck for the fu11 $24,000 cost. Pebruary \& Paid $650 cask for minor repairn to the tour bus. March 1 paid $28,000 eash and signed a $230,000 five-year note to purehase a snall oftice buildisg and land. An appraisal indicated that the buliding and lasd contributed equally to the cotal price. March 31 Paid 587,000 cash to scquire the goodul11 asd certain tangible assets of Kris' Myth, Incorporated. The tair values of the tangible assets acquired vere $17,000 for band equipsent and $57,000 for recording equipnest. Required: 1-a. Complete the following accounting equation table for the above transactions. TIP: Goodwill is recorded as the excess of the purchase price over the fair value of indlvidual assets. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Pequired: 1-a. Complete the following accounting equation table 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, Llabilities, or Stockholders' Equity with a minus sign.] Required informstion [The following information applies to the questions displayed below] Palmer Cook Music Productions manages and operates two bands. The cempany entered into the following transactions during a recent year. Ianuary 2 Turehaped a tour bus for sw4,000 by payine B2s,000 eash and siphing a $56,000 note doe in two yeard. In ies aceounting syatem, the company recorde tbe wehiele tistinet frot other typet of equipenet. Jeneary a kfeet the bus wat eaed for hearly one veek, it was painted with the logos of the tvo tands at a eperating offielency of the bae, but they vere thought to to usatul in preeotisp the babds. Jatuary 30 Wrote a eheck tor the anount oved os seeount tor the vork ecepleted ob Jahuary. .. rebreaty i Pald i610 eath tor ainoe repairs to tha cour bus. lasd. An sperainal indieated that bhe building asd lana cotributed efially to the cotal priee. The fair values of the cangible aseets aequired were 117,69 for band owipent and 151 , 00d for recoraisg equipent? 1b. Prepare the joumal eetrios for each of the above transactions. 2. For the tang bule and intangible assets acq aired in the preceding transactions, determine the amount of depreciation and amortration that Palmer Cook Music Proddctions should report for the quarter ended Mareh 31. For comvenience, the cqulament and vehicie are depeeciated the same way, using the straight-line method wht a useful iffe of five years and no resigual value. The building is deprecisted using the double-declining balance method, weth a 10-year useful ife and residual value of $28,000 TIP Calculate depreciation from the acquisition dste to the end of the quarter. 3. Prepare a journal ently to record the depreciation calculased in requkement 2 Record the painting charges of $750 on account. 3 Record the payment in full for the painting charges. 4 Record the purchase of speakers and amplifiers for $24,000 cash. 5 Record the cash expense of $650 incurred to tune up the tour bus. 6 Record the purchase of a small office building and land for $28,000 cash and $230,000 five year note. 7 Record the purchase of goodwill and tangible assets for $87,000 cash. Note: = journal entry has been entered 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 Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the eq and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual v buliding is depreciated using the double-declining-balance method, with a 10 -year useful life and residual value of $28,00 Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. 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 that Palmer Cook Music 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 10-year useful life and residual value of $28,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not round intermediate calculations. required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the depreciation expense for the three assets at the end of the quarter. Note: Enter debits before credits