Precision Construction entered into the following transactions during a recent year.January 2 Purchased a bulldozer for $250,000 by paying $20,000 cash and signing a $230,000 note due in five years.January 3 Replaced the steel tracks on the bulldozer at a cost of $20,000, purchased on account.January 30 Wrote a check for the amount owed on account for the work completed onJanuary 3.February 1 Replaced the seat on the bulldozer and wrote a check for the full $800 cost.March 1 Paid $3,600 cash for the licensing rights to use computer software for a two-year period.1-b. 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.)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 $40,000 residual value. (Do not round intermediate calculations.)3. Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)