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CP9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year The following information applies to the...

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CP9-3 Analyzing and Recording Long-Lived Asset Transactions with Partial-Year The following information applies to the questions displayed below] Palmer Cook Productions manages and operates two rock bands. The company entered into the following transactions during a recent year. Purchased a tour bus for $96,000 by paying $34,000 cash and signing a $62,000 nte due in two years. January 2 January 8 The bus was painted with the logos of the two bands at a cost of $350, on account January 30 Wrote a check for the amount owed on account for the work completed on January 8. February 1 Purchased new speakers and amplifiers and wrote a check for the full $33,000 cost. February 8 March 1 Paid $250 cash to tune up the tour bus. Paid $34,000 cash and signed a $260,000 five-year note to purchase a small office building and land. An appraisal indicated that the building and land contributed equally to the total price Paid $93,000 cash to acquire the goodwill and certain tangible assets of Kris' Myth, Inc. The fair values of the tangible assets acquired were $23,000 for band equipment and $63,000 for recording equipment. March 31

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