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 $250,008 by paying $20,000 cash and signing a $230,000 note due in tive years. January 3 Replaced the steel tracks on the bulldozer at a cost of $20,600, purchased on account. The new steel tracks increase the butldozer'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 fult $80 cost. March 1 Paid $3,600 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, If any, 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 $40,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. 3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2 . Complete this question by entering your answers in the tabs below. 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.) Journal entrv worksheet