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Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $290,000 by paying $40,000 cash and signing a
Precision Construction entered into the following transactions during a recent year.
January | 2 | Purchased a bulldozer for $290,000 by paying $40,000 cash and signing a $250,000 note due in five years. | ||
January | 3 | Replaced the steel tracks on the bulldozer at a cost of $40,000, 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 completed on January 3. | ||
February | 1 | Repaired the leather seat on the bulldozer and wrote a check for the full $2,800 cost. | ||
March | 1 | Paid $15,600 cash for the rights to use computer software for a two-year period. | ||
Required: 1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date Assets Liabilities Stockholders' Equity January 02 January 03 January 30 February 01 March 01
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