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.

1-b. Prepare the journal entries for each of the above transactions.

journal entry 1: Purchased a bulldozer for $290,000 by paying $40,000 cash and signing a $250,000 note due in five years. Record the transaction.

journal entry 2: Replaced the steel tracks on the bulldozer at a cost of $40,000, purchased on account. Record the transaction.

journal dntry 3: Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction.

journal entry 4: Repaired the leather seat on the bulldozer and wrote a check for the full $2,800 cost. Record the transaction.

joubral entry 5: Paid $15,600 cash for the rights to use computer software for a two-year period. Record the transaction.

2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization 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 $60,000 residual value.

3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2.

Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Reg 3 For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using the double-declining-balance methpd with a useful life of five years and $60,000 residual value. (Do not round intermediate calculations.) Partial Year Depreciation-Equipment Amortization Licensing Rights