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 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 $2,700 cost. March 1 Paid $15,000 cash for the rights to use computer software for a two-year period. Required: 1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity Date January 02 January 03 January 30 February 01 March 01 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. Complete this question by entering your answers in the tabs below. Req 1B Req 2 Req3 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 Journal entry worksheet Purchased a bulldozer for $288,000 by paying $39,000 cash and signing a $249,000 note due in five years. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Record entry Clear entry View general journal Journal entry worksheet Replaced the steel tracks on the bulldozer at a cost of $39,000, purchased on account. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 03 Record entry Clear entry View general journal Journal entry worksheet Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 30 Record entry Clear entry View general journal Journal entry worksheet Reg 1B Req 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 Journal entry worksheet
