Need help with questions 2 and 3. 2. For the tangible and Intangible assets acquired In the preceding transactlons, determine the amount of depreclation andamortizatlon that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated usIngthe double-declining-balance method with a useful life of five years and $40,000 resldual value.Equipment.Licensing nights3. Prepare a Journal entry to record the depreclation and amortization calculated in requlrement 2 (If no entry Is required for atransaction/event, select "No journal entry required" In the first account field.)Viow tranooction lletJournal entry worksheetRecord the entry for deprediation and amortization.DateGeneral JournalDebitCreditMar 31Depreciation,expenseAmortization expenseAccumulated depreciation (Equip)Accumu ated amortization Casting Crown Construction etered Into the following transactions during a recent year2 Purchased a bulldozer for 5200,000 by paying $20,000 cash and signing a $180,000 note.3 Replaced Lhe steel tracks on the bulldozer at a cost of 520.600, purchased on account.DanuaryJanuaryDanuany30 Wrote a cheque for the anount owed on account for the work completed on Jarnuary 3.February 1 Replaced the seat on the bulldozer and wrote e cheque for the full S6e0 cost.March1 Pald $2,480 cash for the rights to use computer software for a two-year perlod.Required:1-a. Analyze the accounting equation effects. (Enter any decreases to accounts with a minus sign.)DateAssetsLiabilitesShareholder's EquityNote payable(20,000)200,000Jan. 2Cash180,000EquipmentJan. 3 EquipmentJan. 30 Cash20,000(20,000)Accounts payableAccounts payable20,000(20,000)Feb. 1(600)(600)(2,400)CashRepairs and mantenance expenseMar. 1 Cash2,4001-b. Prepare thejournal entrles for each of the transactions. (If no entry is required for a transaction/event, select No Journal entryrequired" In the first account field.)NoDate:General JournalDebitCreditJan 02Equipment200,000Cash20,000Note payable180,000dan 03Equipment20,000Accounts payable20.0003Jan 30Accounts payable20,000Cash20,000Feb 01Repairs and ma ntenance expense;CashMar 01Licensing rights2.400Cash2.4002 For the tang ble and Intang ble assets acquired nthe preceding trancactions, determine the amount of depreclation andamortization that Casting Crown Construction should report for the quarter that ended March 3t. The equipment Is depreclated usingthe double-deaining-balance methodw/th a useful Iife of five years and $40,000 residual vaue.EquipmentLicensing rights

Depreciation and amortization is a decrease in the value of assets on account of their use in…

2 For the tangible and Intanglble assets acqulred In the preceding transactions, determine the amount of depreclation and amortization that Casting Crown Construction should report for the quarter that ended March 31. The equipment Is depreclated using the double-declining-balance method with a useful Iife of five years and $40,000 residual value. Equipment Licensing nights 3. Prepare a journal entry to record the depreclation and amortization calculated In regulrement 2 (If no entry Is required for a transaction/event, select "No Journal entry required" In the first account field.) View tranaaction llet Journal entry worksheet Record the entry for depreciation and amortization. Nate: Enter debits betare credits. Date General Journal Debit Credit Depreciation expense Amortization expense Mar 31 Accumulated depreciation (Equip.) Accumulated amortization