Required information CP9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation [LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.] Paimer Cook Music Productions manages and operates two bands. The company entered into the following transactions during a recent year. January 2 Purchased a tour bus for $72,000 by paying $22,000 cash and signing a $50,000 note due in two years. In its accounting system, the company records the vehicle distinct from other typen of equipment. January A After the bun wan uned for nearly one veek, it wan pointed with the logon of the two bands at a cost of \$450, on account. The logon did not increase the 1ifespan, operating capacity, or operating effielency of the bua, but they were thought to be useful in promoting the bands. January 30 Wrote a cheek for the amount owed on account for the work completed on January 8 . February 1 purchased nes speakers and amplitiers and wrote a check for the full $15,000 cont, rebruary 8 paid $350 cash for minor repaire to the tour bus. Mareh i paid $22,000 eash and olgned a $200,000 five-year note to purehase a small offlce buizding and land. An appraisal indicated that the building and land contributed equally to the total price. Mareh 31 Paid 581,000 cash to acquire the gooduil1 and certain tangible ansetn of Krin' Hyth, Incorporated. The fair valuen of the tangible assete acquired were 811,000 for band equipment and 951,000 for recording equipoent. 1-a. Complete the following accounting equation table for the above transactions. TiP: Goodwill is recorded as the excess of the purchase price over the fair value of indlvidual assets. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) 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 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 10 -year useful life and residual value of $22,000. 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 . 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 depreciation and amortization that Paimer 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 10 -year useful life and residual value of $22,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreclation 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 that Paliger Cook Music Productions should report for the quarter ended March 31 . For convenience, the equipment and vehicil 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-decilining-balance method, with a 10-year useful life and residual value of $22,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not rotind intermediate calculations. If no thitry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the depreciation expense for the three assets at the end of the quarter. Note: Enter debits before credits