11.

• Record the reversal of the accumulated amortization of patents.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2019

12.

• Record any impairment loss incurred on the patent.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31, 2019

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. 2018 January 2 Paid $98, 000 cash to purchase storage shed components January 3 Paid $3,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $6, 000 life of five years and a residual value of $4,000 estimated to have a remaining useful life of five years April 1 Paid $44,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful May 13 Paid $800 cash for minor repairs to the pickup truck's upholstery July 1 Paid $17, 000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is December 31 Recorded depreciation and amortization on the pickup truck, storage shed, and patent 219 June 30 Sold the pickup truck for $37,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31 Recorded depreciation on the storage shed. Also determined that the patent was impaired and wrote off its remaining book value (i.e., wrote 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.) Debit No Date General Journal Credit 98,000 January 02, 2018 Building Cash 98,000 3,000 January 03, 2018 Building Cash 3,000 44,000 3 April 01, 2018 Equipment 44,000 Cash 4 May 13, 2018 Repairs and Maintenance Expense 800 Cash 800 17,000 5July 01, 2018 Patent 17,000 Cash 6 December 31, 2014 Depreciation Expense Amortization Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Buildings Accumulated Amortization 4,000 7 June 30, 2019Depreciation Expense 4,000 Accumulated Depreciation-Equipment 8 June 30, 2019Cash 37.000 Accumulated Depreciation-Equipment Equipment Gain on Disposal 8 June 30, 2019 Cash 37,000 Accumulated Depreciation-Equipment Equipment Gain on Disposal 9 December 31, 201 Depreciation Expense Accumulated Depreciation-Buildings 10 December 31, 201Impairment Loss Accumulated Amortization