Required information PA9-3 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] Precision Construction entered into the following transactions during a recent year. January 2 Purchased a bulldozer for $276,000 by paying $33,000 cash and signing a $243,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $33,000, 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 $2,100 cost. March 1 Paid $11,400 cash for the rights these computer software for a two-year period. PA9-3 Part 1-b to 3 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 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 $53,000 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. Prey 3 of 5 Next Help Save & E Ched Required information Req 1B Reg 2 Req3 Prepare the journal entries for each of the above transactions. (If no entry is required for a Required" in the first account field.) View transaction list X 1 Purchased a bulldozer for $276,000 by paying $33,000 cash and signing a $243,000 note due in five years. Record the transaction. ng a 2 Replaced the steel tracks on the bulldozer at a cost of $33,000, purchased on account. Record the transaction 3 Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction. Credit 4 Repaired the leather seat on the bulldozer and wrote a check for the full $2,100 cost. Record the transaction. 5 Paid $11,400 cash for the rights to use computer software for a two-year period. Record the transaction Note: = journal entry has been entered Record entry Clear entry View general journa Reg 2 > LwUryca PETA. PA9-3 Part 1-b to 3 1-b. Prepare the journal entries for each of the above transactions. 2. For the tangible and intangible assets acquired in the preceding transactions, amount of depreciation and amortization that Precision Construction should rep quarter ended March 31. The equipment is depreciated using the double-declin method with a useful life of five years and $53,000 residual value. 3. Prepare a journal entry to record the depreciation and amortization calculated requirement 2 Complete this question by entering your answers in the tabs below. Req 18 Reg 2 Reg 3 For the tangible and intangible assets acquired in the preceding transactions, determine amortization that Precision Construction should report for the quarter ended March 31. the double-declining-balance method with a useful life of five years and $53,000 residua calculations.) Partial Year Depreciation Equipment Amortization Licensing Rights Help Save & Exit Check my Required information View transaction list Journal entry worksheet
