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Assume that On Call Limousines completed the following transactions (Click the icon to view the transaction data.) On Call Limousines' amortization policy states that the company will take a full month's amortization on purchases occurring up to and on the 15th day of the month and will not take any amortization for the month if the purchase occurs after the 15th day of the month Required Record the transactions in the general journal indicating whether each transaction amount should be capitalized as an asset or expensed Round all calculations to the nearest dollar Enter the transactions in the General Journal Jan 5, 2019 Paid $40,000 cash for a used limousine (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date 2019 Accounts Debit Credit Jan 5 Jan 6, 2019. Paid $4,000 to have the engine overhauled Journal Entry Date 2019 Accounts Debit Credit Jan 6 donar amount should be capitalized as an a Jan 9, 2019. Paid $1,500 to repair damage to the limousine as it sat in the parking lot. Journal Entry Date 2019 Accounts Debit Jan Credit 9 Jun 15, 2019. Paid $600 for a minor tune-up after limousine was put into use Journal Entry Date 2019 Accounts Debit Credit Jun 15 as an assot of expensed Round all calculations to Dec 31, 2019. Recorded amortization on the limousine by the DDB method (Assume a five-year life) Journal Entry Date 2019 Accounts Debit Credit Dec 31 Mar 9, 2020. Traded in the limousine for a new limousine costing $75,000 The dealer granted a $25,000 allowance on the old limousine, and the company paid the balance in cash Recorded year 2020 amortization for the year to date and then recorded the exchange of the limousines This transaction has commercial substance Begin by recording the amortization expense for the partial year (Round your answer to the nearest whole dollar.) Journal Entry Accounts Date 2020 Debit Credit Mar 9 as an asset or Now, record the trade-in of the limousines Journal Entry Date 2020 Accounts Debit Mar Credit 9 Aug 9, 2020 Repaired the new limousine's damaged fender for $2,500 cash Journal Entry Date 2020 Accounts Debit Aug Credit Dec 31, 2020 Recorded amortization on the new limousine by the DDB method (Assume an eight-year life and a residual value of $20,000) Journal Entry Date 2020 Accounts Debit Dec Credit 31

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