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Required information PA9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation (LO 9-2, LO 9-3, LO 9-6) (The following information applies to the questions displayed below) Precision Construction entered into the following transactions during a recent year, January 2 Purchased a bulldorer for $275,000 by paying $34,000 cash and igning $244,000 note dar in five years. January 3 Replaced the stoel tracks on the bulldorer at cost of 534,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency. January 30 wrote a check for the amount oved on account for the work completed on January ). February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,200 coat. March 1 Paid $12,000 cash for the rights to use computer software for a two-year period. PA9-3 (Algo) Part 1-5 to 3 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, if any, 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 $54.000 residual value. The licensing right is amortized using the straight line method with a useful life of two years and no residual value 3. Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement 2 Complete this question by entering your answers in the tabs below. Reg 10 Reg 2 Reg) Prepare a journal entry to record be depreciation and amortization, if any, calculated in requirement 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account held.) View transaction ist View journal entry worksheet Debit Credit No 1 Date March 31 500 General Journal Depreciation Expense Amortization Expense Accumulated Depreciation Equipment Accumulated Amortization 500