Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bu1ldozer for $270,600 by paying $30,000 cash and signing a $240,800 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $30,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote a check for the atount owed on account for the work completed on January 3. February 1 Repaired the leathen seat on the bu11dozer and wrote a check for the fu11 $1,880cost. March 1 Paid $9,660 cash for the rights to use computer software for a two-year period. 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 depreclation 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 $50,000 residual value. The licensing right is amortized usina the straiaht-line method with a useful life of two vears and no residual value. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 . (If no entry is requirec for a transaction/event, select "No Journal Entry Required" in the first account field.)