10 5 The following transactions and adjusting entries were completed by a paper packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining balance depreciation for buildings, and straight-line amortization for patents. 2010 January 2 Paid $36,000 cash to purchase storage shed components January 3 Poid 6.000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and April 1 Taid $42,000 cash to purchase pickup truck for use in the business. The truck has an estimated useful 117 of five years and a residual value of $7,000. May 13 Taid $600 cash for minor repairs to the plekup truck' upholstery July 1 Paid 119,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent i December 31 Recorded depreciation and mortisation on the pickup truck, storage shed, and patent. June 3 told the plekup truck for $36.000 cash (Record the depreciation on the truck prior to recording it December 31 Recorded depreciation on the storage shed. Also determined that the patent inpatred and wrote oft ito remaining book value (... wrote down the book value to rero) Required: Prepare the journal entries required on each of the above dates. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) 2019 rences View transaction ist View journal entry worksheet Saved Chapter 9 Homework View transaction list View journal entry worksheet 10 X un points Record the purchase of storage shed components for $96,000. Record the payment of $6,000 to have the storage shed erected. eBook * Record the purchase of a pickup truck for $42,000. Print Record the repairs of $600 to the pickup truck. Record the purchase of a patent for $19,000 on a new paper bag manufacturing process. References Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note : = journal entry has been entered ZUTO Accumulated Depreciation-Buildings Depreciation Fynense View transaction list View journal entry worksheet 10 X: pickup truck, storage shed and patent for the year. ints Record the depreciation for the truck up to the date of sale. eBook Record the sale of the truck for $36,000 cash. Record the depreciation on the storage shed for the year. Print 10 Record the Patent Amortization expense for the full year. References 11 Record the reversal of the accumulated amortization of patents. 12 Record any impairment loss incurred on the patent. Note : = journal entry has been entered 2010 Accumulated Depreciation-Buildings