Question: Please help correct the following. (first three pictures is one question) fx Answer is not complete. No Date General Journal Debi Credit 1 January 02,
Please help correct the following. (first three pictures is one question)
\fx Answer is not complete. No Date General Journal Debi Credit 1 January 02, 2020 Buildings 104,000 Cash 104,000 2 January 03, 2020 Buildings 2,000 Cash 2,000 3 April 01, 2020 Truck 50,000 Cash O 50,000 4 May 13, 2020 Repairs and Maintenance Expense 800 Cash 800 5 July 01, 2020 Patents 11,000 Cash 11,000 6 December 31, 202 Depreciation Expense 28,250 Amortization Expense 1.100 Accumulated Depreciation-Buildings 21,200 Accumulated Depreciation-Truck 7,050 Patents 1,100 7 June 30, 2021 Depreciation Expense O 4,700 Accumulated Depreciation-Truck 4,700 8 June 30, 2021 Cash O 43,000 Accumulated Depreciation-Truck 11,750 Truck 50,000 Gain on Disposal 4,750Required information . 1 1CPUIC U JUUIIIUI CHILLY WV IELUIL I UIty, CUICHIUICU III ICYUICHICIAL . x Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1B Req 2 Req 3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal Debit Credit 1 January 02 Equipment 284,000 Cash 37,000 Notes Payable (long-term) 247,000 2 January 03 Equipment 37,000 Accounts Payable 37,000 3 January 30 Accounts Payable 37,000 Cash 37,000 4 February 01 Repairs and Maintenance Expense 2,500 Cash 2,500 5 March 01 Licensing Rights 13,800 Cash 13,800 January 3 Replaced the steel tracks on the bulldozer at a cost of $37,000, purchased on account. The ne 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 $2,500 cost. March 1 Paid $13,800 cash for the rights to use computer software for a two-year period. PA9-3 (Algo) Part 1-b to 3 1-b. Prepare the journal entries forpeach of the above transactions. 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation an amortization, if any, that Precision Construction should report for the quarter ended March 31. The equipment is deprecia the double-declining-balance method with a useful life of five years and $57,000 residual value. The licensing right is an 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. x Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1B Req 2 Req 3 Prepare a journal entry to record he 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 field.) No Date General Journal Debit Credit March 31 Depreciation Expense 32, 100 Amortization Expense 32, 100 X Licensing Rights X 13,800 X Accumulated Amortization 575
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