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The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-fine depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. January 2,2020 Paid $90,000 eaeh to purchase storage nhed conponentin. January 3, 2020 Pald $5,000 cash to have the storage shed erected. The storage shed has an estinated life of I0 yearb and a residual value of $8,000. April 1, 2020 Daid $33,000 cash to purchase a pickup truck for use in the bueinesa. The truck han an estimated useful 11 fe of tive years and a reaidual value of $6,000. This vehicle fo to be recorded in the Truck account. May 13, 2020 Paid $100 eash. for minor repairs to the plekup truck' a upholstery. July 1,2020 Paid $25,000 cash to purchase patent rights on a new paper bag nanufacturing process, The patent in estinated to have a remaining unetul life of five yearn. Decenber,31, 2020 Recorded depreciation and anortization on the piekup truek, storage shed, and patent. June 30,2021 Sold the pickup truck for $28,000 eash. fRecord the depreciation on the truek prior to recordilng len dinposal.) Decenber 31, 2021 Recorded depreciation on the Btorage shed. Recorded the patent amortization. After recording the patent anortization, deternined that the patent was inpaired and wrote off its renaining book value (1.e.., vrote down the book value to zero). 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.) Journal entry worksheet Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet 4567812 Record the purchase of storage shed components for $90,000. Note: Enter debits before credits. 1 Record the purchase of storage shed components for $90,000. 2 Record the payment of $5,000 to have the storage shed erected. 3 Record the purchase of a pickup truck for $33,000. 4 Record the repairs of $100 to the pickup truck. 5 Record the purchase of a patent for $25,000 on a new paper bag manufacturing process. 6 Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note : = journal entry has been entered pickup truck, storage shed and patent for the year. 7 Record the depreciation for the truck up to the date of sale. 8 Record the sale of the truck for $28,000 cash. 9 Record the depreciation on the storage shed for the year. 10 Record the Patent Amortization expense for the full year. 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 \begin{tabular}{|c|c|c|} \hline Record entry & Clear entry \\ \hline \end{tabular}