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Please solve all the parts! Casting Crown Construction entered into the following transactions during a recent year: January 2 Purchased a bu1ldozer for $228,000 by
Please solve all the parts!
Casting Crown Construction entered into the following transactions during a recent year: January 2 Purchased a bu1ldozer for $228,000 by paying $21,400 cash and signing a $206,600 note. January 3 Replaced the steel tracks on the bulldozer at a cost of $22,800, purchased on account. January 30 Wrote a cheque for the amount owed on account for the work completed on January 3. February 1 Replaced the seat on the bulldozer and wrote a cheque for the full $1,300 cost. March 1 Paid $10,800 cash for the rights to use computer software for a two-year period. Required: 1-a. Analyze the accounting equation effects. (Enter any decreases to accounts with a minus sign.) -b. Prepare the journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field.) Journal entry worksheet 45> Purchased a bulldozer for $228,000 by paying $21,400 cash and signing a $206,600 note. Note: Enter debits before credits. 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Casting Crown Construction should report for the quarter that ended March 31 . The equipment is depreciated using the double-declining-balance method with a useful life of five years and $45,600 residual value. 3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry for depreciation and amortization. Note: Enter debits before creditsStep by Step Solution
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