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Required information (The following information applies to the questions displayed below) Palmer Cook Music Productions manages and operates two bands. The company entered into
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 $90,000 by paying $11,000 cash and signing $59,000 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 loges of the two bands at a cost of $900, on account. The leges 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 rote 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 $20,500 cost. February Paid $800 cash for minor repairs to the tour bus March 1 Paid $31,000 cash and signed a $245,000 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 $90,000 cash to acquire the goodeill and certain tangible assets of Kris Myth, Incorporated. The fair values of the tangible assets acquired were $20,000 for hand equipment and $60,000 for recording equipment. Required: 1-a. Complete the following accounting equation table 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.) Date January 02 January 02 January 08 January 30 February 01 February 01 February 08 March 01 March 01 March 01 March 311 March 31 March 31 Assets Liabilities . . . Stockholders' Equity
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