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[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
[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 $98,000 by paying $35,000 cash and signing a $63,000 note due in two years. In its accounting system, the company records the vehicle distinct from other types of equipment. January & After the bus was used for nearly one week, it was painted with the logos of the two bands at a cost of $400, 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 3. February 1 Purchased new speakers and amplifiers and wrote a check for the full $34,500 cost. February 8 Paid $300 cash for minor repairs to the tour bus. March 1 Paid $35,000 cash and signed a $265,000 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 $94.000 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 $64,000 for recording equipment. Required: 1-o. 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.)
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