pleass help

Chapter 9 - Homework Saved Help Save & EN Check 10 2 points book Required information The following information applies 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, January 3 Purchased a tour bu for $78,000 by paying $25,000 cash and signing 193,000 note due to two years. In its accounting system, the company records the vehicle distinct from other types of equipment January atter the bus wanced for seacly one week, it was painted with the degou e the two bandet cont of $600 account. The logee did not increase the lifepen, operating capacity, or che for the mount oved on account for the work completed on January . the banda January 30 Yebruary 1 Purchased new speakers and splitters and vote check for the full $19.500 cost. February 1sia 4500 cash for minor repairs to the tor bua. PALS 23,000 ans and Led $215,000 ctve-year note to purchase of co bullding and Innd. An appraisal indicated that the building and and contributed wally to the total price March 31 P114,000 call to gaire the goodwill and certain tant of Me Myth, too. The ral values of the tangible est acquired were $14,000 for band equipment and $34,000 for recording equipment. Hatch 1-b. Prepare the journal entries for each of the above tramactions 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 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 Byear tout le and residual value of $25,000 TIP 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. 10 Required information Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Required" in the first account field.) 2 Soints View transaction list Book Journal entry worksheet 10 Required information Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select Required in the first account field.) 2 points View transaction list Journal entry worksheet eBook 10 Required information Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not round Intermediate calculations. If n required for a transaction/event, select "No Journal Entry Required in the first account field.) 2 points View transaction list Journal entry worksheet eBook