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Required information [The following information applies to the questions displayed below) Precision Construction entered into the following transactions during a recent year January 2 Purchased a bulldozer for $254,000 by paying 522,000 cash and signing a $232,000 note due in five years. January 3 Replaced the steel tracks on the bulldozer at cost of $22,000, purchased on account. The new steel tracks increase the bulldozer's operating efficiency January 30 Wrote a check for the amount owed on account for the work completed on January 3. February 1 Repaired the leather seat on the bulldozer and wrote a check for the full $1,000 cost. March 1 Poid 54,800 cash for the rights to use computer software for a two-year period. 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 $42,000 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 2 3 5 Paid $4,800 cash for the rights to use computer software for a two-year period. Record the transaction. Note: Enter debits before credits. General Joumal Debit Credit Date March 01 Record entry Clear entry View general journal Req2 > 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, 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 $45,000 residual value. The licensing right is amortized using the straight-line method with a useful life of two years and no residual value. (Do not round Intermediate calculations.) Show less Partial Year Depreciation-Equipment Amortization Licensing Rights 1 Record the depreciation and amortization expense on the bulldozer and computer software for the quarter ended March 31. Note: Enter debits before credits. Debit Credit Date General Joumal March 31 Depreciation Expense Accumulated Depreciation Equipment 23.400 23,400 Record entry Clear entry View general journal