! Required information [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 $288,000 by paying $39,000 cash and signing a $249,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at a cost of $39,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 Wrote 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 $2,700 cost. March 1 Paid $15,000 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. 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 $59,000 residual value. 3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Reg 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select Journal Entry Required" in the first account field.) No Cre Date January 02 Debit 288,000 1 General Journal Equipment Cash Notes Payable (long-term) 39. 249, 2 January 03 39,000 Equipment Accounts Payable 39 3 January 30 39.000 Accounts Payable Cash 39 4 February 01 Repairs and Maintenance Expense 2,700 Cash 2 5 March 01 x 15,000 Software Cash 15. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1B Req 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 method with a useful life of five years and $59,000 residual value. (Do not round intermediate calculations.) Show less Depreciation-Equipment Amortization Licensing Rights Partial Year $ 26,814 $ 625 Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Req3 Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Credit Date March 31 Debit 26,184 1 General Journal Accumulated Depreciation-Equipment Accumulated Depreciation Equipment Amortization Expense Accumulated Amortization 26,814 625 625
