Precision Construction entered into the following transactions during a recent year Ionuary 2 Purchased a butldozer for $280,000 by paying $35, ebe cash and s1gning a 5245,0ea note due in five years. Jaouary 3 fieplaced the steel tracks on the butldozer at a cost of 535 , eee, purchased on account. The new steel tracks increase the bulldozor's operating effictency. January 30 Wrote a check for the amouat owed on account for the vork cospleted on January 3. February 1 Repatred the leather seat on the butldozer and wrote a check for the futl 52,300 cost. March 1 Paid $12,600 cash for the pights to use conputer software for a two-year period. A 93 (Algo) Part 1-b to 3 -b. Prepare the journal entries for each of the above transpctions. 2. For the tangible and intangible assets acquired in the preceding transactions, detertine 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 $55,000 residual value. The licensing tight is a mortized using the straight-line method with a useful life of two yeurs and no residual value. 3. Prepare a journal entry to record he depreciation and armortization, 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 Ja Required" in the first account field.) Journal entry worksheet 2 5 Purchased a bulldozer for $280,000 by paying $35,000 cash and signing a $245,000 note due in five years. Record the transaction. Note: Enter debits before credits: Required information PA9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with PartialYear Depreciation [LO 9-2, LO 9-3, LO 9-6] The following information applies to the questions displayed below] Precision Construction entered into the following transactions during a recent year. January 2 Purchased a butldozer for $280,000 by paying $35,000 cash and signing a $245,000 note due in five years. January 3 Replaced the steel tracks on the butldozer at a cost of 535,000 , 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 conpleted on Janusry 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,360 cost. March I Paid $12,600 cash for the rights to use computer software for a two-year period. JA9-3 (Algo) Part 1-b to 3 -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 $55.000 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. 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 depreciate 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.) PA9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with PartialYear Depreciation [LO 9-2, 10 9-3, LO 9-6] [The following information agplies to the questions displyed below) Precision Construction entered into the following transactions during a recent year. January 2 purchased a butldorer for szae. Wwe by paying sis, 0ee cash and signing a \$245, eee note due in five vears. January 3 - Replaced the steel tracks on the butldozer at a cost of s3s, ees, purchased on occount. The ned steel tracks increase the bultdozer's aperating efficiency. January 3o Wrote a check for the anount oved on account for the work coapleted on January 3. Fobruacy 1 Repaired the leather seat on the bultdozer and wrote a check for the full $2,360 cost. March 1 Paid 312,600 cash for the rigbts to use conputer sottware for a two-year period. period. AA9-3 (Algo) Part 1-b to 3 -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 $55,000 residual value. The licensing right is amontized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a joumal 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 a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . (If no entry is requ transaction/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