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 $106,000 by paying $39,000 cash and signing a $67,000 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 $600, 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 $40,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $39,000 cash and signed a $285,000 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 $98,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $24,000 for band equipment and $62,000 for recording equipment. Required: 1-a. Complete the table below 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.) Assets Liabilities Stockholders' Equity January 02 January 08 January 30 February 01 February 08 March 01 March 31 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 $106,000 by paying $39,000 cash and signing a $67,000 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 $600, 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 $40,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $39,000 cash and signed a $285,000 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 $98,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $24,000 for band equipment and $62,000 for recording equipment. 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 Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining balance method, with a 8-year useful life and residual value of $39,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. Complete this question by entering your answers in the tabs below. Reg 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 View journal entry worksheet No Credit Date Jan 02 Debit 106,000 1 General Journal Accumulated Depreciation Equipment Cash Notes Payable (short-term) 39,000 67,000 Required information 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 "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date Debit Credit 1 Jan 02 106,000 General Journal Accumulated Depreciation-Equipment Cash Notes Payable (short-term) 39,000 67,000 2 Jan 08 600 Repairs and Maintenance Expense Accounts Payable 600 3 Jan 30 600 Accounts Payable Cash 600 4 Feb 01 Equipment 40,500 Cash 40,500 5 Feb 08 500 Repairs and Maintenance Expense Cash 500 6 Mar 01 Land 324,000 Cash 39,000 285,000 Notes Payable (short-term) 7 Mar 31 86,000 Equipment Goodwill 12,000 Cash 98,000 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 $106,000 by paying $39,000 cash and signing a $67,000 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 $600, 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 $40,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $39,000 cash and signed a $285,000 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 $98,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $24,000 for band equipment and $62,000 for recording equipment. 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 Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining-balance method, with a 8-year useful life and residual value of $39,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Reg 3 For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining-balance method, with a 8-year useful life and residual value of $39,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Show less Partial Year Vehicle Equipment Building Required information Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Reg 3 Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not round intermediate calculations. 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 1 > Record the depreciation expense for the three assets at the end of the quarter. Note: Enter debits before credits. General Journal Debit Credit Date Mar 31 Record entry Clear entry View general journal 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 $106,000 by paying $39,000 cash and signing a $67,000 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 $600, 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 $40,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $39,000 cash and signed a $285,000 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 $98,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $24,000 for band equipment and $62,000 for recording equipment. Required: 1-a. Complete the table below 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.) Assets Liabilities Stockholders' Equity January 02 January 08 January 30 February 01 February 08 March 01 March 31 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 $106,000 by paying $39,000 cash and signing a $67,000 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 $600, 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 $40,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $39,000 cash and signed a $285,000 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 $98,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $24,000 for band equipment and $62,000 for recording equipment. 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 Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining balance method, with a 8-year useful life and residual value of $39,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. Complete this question by entering your answers in the tabs below. Reg 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 View journal entry worksheet No Credit Date Jan 02 Debit 106,000 1 General Journal Accumulated Depreciation Equipment Cash Notes Payable (short-term) 39,000 67,000 Required information 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 "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date Debit Credit 1 Jan 02 106,000 General Journal Accumulated Depreciation-Equipment Cash Notes Payable (short-term) 39,000 67,000 2 Jan 08 600 Repairs and Maintenance Expense Accounts Payable 600 3 Jan 30 600 Accounts Payable Cash 600 4 Feb 01 Equipment 40,500 Cash 40,500 5 Feb 08 500 Repairs and Maintenance Expense Cash 500 6 Mar 01 Land 324,000 Cash 39,000 285,000 Notes Payable (short-term) 7 Mar 31 86,000 Equipment Goodwill 12,000 Cash 98,000 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 $106,000 by paying $39,000 cash and signing a $67,000 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 $600, 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 $40,500 cost. February 8 Paid $500 cash for minor repairs to the tour bus. March 1 Paid $39,000 cash and signed a $285,000 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 $98,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $24,000 for band equipment and $62,000 for recording equipment. 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 Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining-balance method, with a 8-year useful life and residual value of $39,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. 3. Prepare a journal entry to record the depreciation calculated in requirement 2. Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Reg 3 For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization that Palmer Cook Music Productions should report for the quarter ended March 31. For convenience, the equipment and vehicle are depreciated the same way, using the straight-line method with a useful life of five years and no residual value. The building is depreciated using the double-declining-balance method, with a 8-year useful life and residual value of $39,000. TIP: Calculate depreciation from the acquisition date to the end of the quarter. (Do not round intermediate calculations.) Show less Partial Year Vehicle Equipment Building Required information Complete this question by entering your answers in the tabs below. Reg 1B Reg 2 Reg 3 Prepare a journal entry to record the depreciation calculated in requirement 2. (Do not round intermediate calculations. 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 1 > Record the depreciation expense for the three assets at the end of the quarter. Note: Enter debits before credits. General Journal Debit Credit Date Mar 31 Record entry Clear entry View general journal