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Required information [ The following information applies to the questions displayed below. ] Palmer Cook Music Productions manages and operates two bands. The company entered

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Required information
[The following information applies to the questions displayed below.]
Palmer 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 $92,000 by paying $32,000 cash and signing a $60,000 note due in two
years. In its accounting system, the company records the vehicle distinct from other types of
equipment.
January 8 After the bus was used for nearly one week, it was painted with the logos of the two bands at a
cost of $950, on account. The logos did not increase the lifespan, operating capacity, or
operating efficiency of the bus, but they were thought to be useful in promoting the bands.
January 30 Wrote a check for the amount owed on account for the work completed on January 8.
February 1 Purchased new speakers and amplifiers and wrote a check for the full $30,000 cost.
February 8 Paid $850 cash for minor repairs to the tour bus.
March 1 Paid $32,000 cash and signed a $250,000 five-year note to purchase a small office building and
land. An appraisal indicated that the building and land contributed equally to the total price.
March 31 Paid $91,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth,
Incorporated. The fair values of the tangible assets acquired were $21,000 for band equipment and
$61,000 for recording equipment.
Required:
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 individual assets. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a
minus sign.)
Answer is not complete.
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