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 $282,000 by paying $36,000 cash and signing a $246,000 note due in five years.January 3 Replaced the steel tracks on the bulldozer at a cost of $36,000, 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 $2,400 cost.March 1 Paid $13,200 cash for the rights to use computer software for a two-year period.Required:1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date Assets = Liabilities + Stockholders' EquityJanuary 02 [Account Name] [$] [Account Name] [$] [Account Name] [$ ] [Account Name] [$] [Account Name] [$] [Account Name] [$ ]January 03 [Account Name] [$] [Account Name] [$] [Account Name] [$ ]January 30 [Account Name] [$] [Account Name] [$] [Account Name] [$ ]February 01 [Account Name] [$] [Account Name] [$] [Account Name] [$ ]March 01 [Account Name] [$] [Account Name] [$] [Account Name] [$ ] [Account Name] [$] [Account Name] [$] [Account Name] [$ ] 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 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 $56,000 residual value.3. Make a journal entry to record the depreciation and amortization calculated in requirement 2. Required 1-bPrepare 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.)Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years. Record the transaction. (Note: Enter debits before credits.)Date General Journal Debit CreditJanuary 02 [ ] [ ] [ ]Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. Record the transaction. (Note: Enter debits before credits.)Date General Journal Debit CreditJanuary 03 [ ] [ ] [ ]Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction. (Note: Enter debits before credits.)Date General Journal Debit CreditJanuary 30 [ ] [ ] [ ]Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost. Record the transaction. (Note: Enter debits before credits.)Date General Journal Debit CreditFebruary 01 [ ] [ ] [ ]Paid $13,200 cash for the rights to use computer software for a two-year period. Record the transaction. (Note: Enter debits before credits.)Date General Journal Debit CreditMarch 01 [ ] [ ] [ ] Required 2For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization 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 $56,000 residual value. (Do not round intermediate calculations.) Partial YearDepreciation-Equipment [ ]Amortization-Licensing Rights [ ] Required 3Make a journal entry to record the depreciation and amortization calculated in requirement 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Record the depreciation and amortization expense on the bulldozer and computer software for the quarter ended March 31. (Note: Enter debits before credits.)Date General Journal Debit CreditMarch 31 [ ] [ ] [ ] Required information[The following information applies to the questions displayed below.]Precision Construction entered into the following transactions during a recent year.JanuaryJanuary2 Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years.3 Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. The new steel tracksincrease the bulldozer's operating efficiency.January 30 Wrote a check for the amount owed on account for the work completed on January 3.FebruaryMarch1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost.1 Paid $13, 200 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 andamortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using thedouble-declining-balance method with a useful life of five years and $56,000 residual value.3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. Required information[The following information applies to the questions displayed below.]Precision Construction entered into the following transactions during a recent year.JanuaryJanuary2 Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years.3 Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. The new steel tracksincrease the bulldozer's operating efficiency.January 30 Wrote a check for the amount owed on account for the work completed on January 3.FebruaryMarch1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost.1 Paid $13, 200 cash for the rights to use computer software for a two-year period.Required:1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with aminus sign.)DateAssetsLiabilitiesStockholders' Equity+January 02January 03January 30February 01March 01

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Description: 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 $282,000 by paying $36,000 cash and signi

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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 $282,000 by paying $36,000 cash and signing a $246,000 note due in five years.January 3 Replaced the steel tracks on the bulldozer at a cost of $36,000, 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 $2,400 cost.March 1 Paid $13,200 cash for the rights to use computer software for a two-year period.Required:1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date                     Assets         =       Liabilities    +   Stockholders' EquityJanuary 02 [Account Name] [$]   [Account Name] [$]     [Account Name] [$ ]                  [Account Name] [$]   [Account Name] [$]     [Account Name] [$ ]January 03 [Account Name] [$]   [Account Name] [$]     [Account Name] [$ ]January 30 [Account Name] [$]   [Account Name] [$]     [Account Name] [$ ]February 01 [Account Name] [$]  [Account Name] [$]    [Account Name] [$ ]March 01 [Account Name] [$]   [Account Name] [$]     [Account Name] [$ ]                [Account Name] [$]   [Account Name] [$]     [Account Name] [$ ] 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 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 $56,000 residual value.3. Make a journal entry to record the depreciation and amortization calculated in requirement 2. Required 1-bPrepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select &#34;No Journal Entry Required&#34; in the first account field.)Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years. Record the transaction. (Note: Enter debits before credits.)Date                General Journal            Debit          CreditJanuary 02       [                     ]             [         ]        [          ]Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. Record the transaction. (Note: Enter debits before credits.)Date                General Journal            Debit          CreditJanuary 03       [                     ]             [         ]        [          ]Wrote a check for the amount owed on account for the work completed on January 3. Record the transaction. (Note: Enter debits before credits.)Date                General Journal            Debit          CreditJanuary 30      [                     ]             [         ]        [          ]Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost. Record the transaction. (Note: Enter debits before credits.)Date                General Journal            Debit          CreditFebruary 01      [                     ]             [         ]        [          ]Paid $13,200 cash for the rights to use computer software for a two-year period. Record the transaction. (Note: Enter debits before credits.)Date                General Journal            Debit          CreditMarch 01       [                     ]             [         ]        [          ] Required 2For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization 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 $56,000 residual value. (Do not round intermediate calculations.)                                                  Partial YearDepreciation-Equipment           [                 ]Amortization-Licensing Rights  [                 ] Required 3Make a journal entry to record the depreciation and amortization calculated in requirement 2. (If no entry is required for a transaction/event, select &#34;No Journal Entry Required&#34; in the first account field.)Record the depreciation and amortization expense on the bulldozer and computer software for the quarter ended March 31. (Note: Enter debits before credits.)Date                General Journal            Debit          CreditMarch 31         [                     ]             [         ]        [          ] Required information[The following information applies to the questions displayed below.]Precision Construction entered into the following transactions during a recent year.JanuaryJanuary2 Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years.3 Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. The new steel tracksincrease the bulldozer's operating efficiency.January 30 Wrote a check for the amount owed on account for the work completed on January 3.FebruaryMarch1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost.1 Paid $13, 200 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 andamortization that Precision Construction should report for the quarter ended March 31. The equipment is depreciated using thedouble-declining-balance method with a useful life of five years and $56,000 residual value.3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. Required information[The following information applies to the questions displayed below.]Precision Construction entered into the following transactions during a recent year.JanuaryJanuary2 Purchased a bulldozer for $282,000 by paying $36,000 cash and signing a $246,000 note due in five years.3 Replaced the steel tracks on the bulldozer at a cost of $36,000, purchased on account. The new steel tracksincrease the bulldozer's operating efficiency.January 30 Wrote a check for the amount owed on account for the work completed on January 3.FebruaryMarch1 Repaired the leather seat on the bulldozer and wrote a check for the full $2,400 cost.1 Paid $13, 200 cash for the rights to use computer software for a two-year period.Required:1-a. Complete the table below, for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with aminus sign.)DateAssetsLiabilitiesStockholders' Equity+January 02January 03January 30February 01March 01

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Accounting Equation:
It is also known as a basic accounting equation, that provides the foundation…