$1-$b$.$ Prepare the journal entries for each of the above transactions.

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 $$23,000.$ TIP:

Calculate depreciation from the acquisition date to the end of the quarter.

Prepare a journal entry to record the depreciation calculated in requirement $2.$

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