! Required information [The following information applies to the questions displayed below] Precision Construction entered into the following transactions during a recent year. 2 Purchased a bulldozer for $286,000 by paying $38,000 cash and signing a $248,000 note due in five January years. 3 Replaced the steel tracks on the bulldozer at a cost of $38,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January January 30 Wrote a check for the amount owed on account for the work completed on January 3. 1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,600 cost. 1 Paid $14,400 cash for the rights to use computer software for a two-year period. February March 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 $58,000 residual value. 3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. Complete this question by entering y our answers in the tabs below. Req 1B Req 2 Req 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Novt Dcou Req 1B Req 2 Req 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No J Required" in the first account field.) View transaction list Journal entry worksheet 3 of 5 Prev amortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated u the amount of depreciation ar double-declining-balance method with a useful life of five years and $58,000 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. Req 1B Req 2 Req 3 For the tangible and intangible assets acquired in the preceding transactions, determine the ahount 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 $58,000 residual value. (Do not round intermediate calculations.) Partial Year Depreciation-Equipment Amortization-Licensing Rights Req 1B Req 3 3 of 5 Next>
