2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Estimates Machine A B Life 4 years 34,000 hours 5 years Residual Value $1,000 2,000 1,500 Depreciation Method Straight-line Units of production Double-declining balance View transaction list Journal entry worksheet Record the entry for depreciation expense at the end of year 1. Note: Enter debits before credits The following transactions and adjusting entries were completed by Gravure Graphics International, a paper packaging company. The company uses straight-line depreciation for trucks and other vehicles, double-declining balance depreciation for buildings, and straight-line amortization for patents. Book January 2, 2016 Paid $92,600 cash to purchase storage shed components January 3, 2016 Paid 54,400 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000 April 1, 2016 Paid $31.400 cash to purchase a pickup truck for use in the business truck has an estimated useful life of five years and a residual value of $7,400 May 13, 2016 Paid $190 cash for repairs to the pickup truck. July 1, 2016 Paid $19,400 cash to purchase patent rights on a new paper bag manufacturing process patent is estimated to have a remaining useful life of five years. December 31, 2016 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2017 Sold the pickup truck for $27,300 cash (ecord the depreciation on the truck prior to recording its disposal.) December 31, 2017 Recorded depreciation on the storage shed; determined that the patent was impaired and wrote off its remaining book value. (1.c, wrote down the book value to zero. ) erences 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.) View transaction list Journal entry worksheet Recorded depreciation and amortization on the pickup truck, storage shed, and nun 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Estimates Machine A B Life 4 years 34,000 hours 5 years Residual Value $1,000 2,000 1,500 Depreciation Method Straight-line Units of production Double-declining balance View transaction list Journal entry worksheet Record the entry for depreciation expense at the end of year 1. Note: Enter debits before credits The following transactions and adjusting entries were completed by Gravure Graphics International, a paper packaging company. The company uses straight-line depreciation for trucks and other vehicles, double-declining balance depreciation for buildings, and straight-line amortization for patents. Book January 2, 2016 Paid $92,600 cash to purchase storage shed components January 3, 2016 Paid 54,400 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000 April 1, 2016 Paid $31.400 cash to purchase a pickup truck for use in the business truck has an estimated useful life of five years and a residual value of $7,400 May 13, 2016 Paid $190 cash for repairs to the pickup truck. July 1, 2016 Paid $19,400 cash to purchase patent rights on a new paper bag manufacturing process patent is estimated to have a remaining useful life of five years. December 31, 2016 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2017 Sold the pickup truck for $27,300 cash (ecord the depreciation on the truck prior to recording its disposal.) December 31, 2017 Recorded depreciation on the storage shed; determined that the patent was impaired and wrote off its remaining book value. (1.c, wrote down the book value to zero. ) erences 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.) View transaction list Journal entry worksheet Recorded depreciation and amortization on the pickup truck, storage shed, and nun