5 12 points eBook Print References The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. January 2, 2020 Paid $104,000 cash to purchase storage shed components. January 3, 2020 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1, 2020 Paid $50,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of five years and a residual value of $3,000. This vehicle is to be recorded in the Truck account. Paid $800 cash for minor repairs to the pickup truck's upholstery. May 13, 2020 July 1, 2020 Paid $11,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a remaining useful life of five years. December 31, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2021 Sold the pickup truck for $43,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, 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.) eBook 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.) View transaction list Print References pickup truck, storage shed and patent for the year. 12 > Record the depreciation for the truck up to the date of sale. 8 Record the sale of the truck for $43,000 cash. Record the depreciation on the storage shed for the year. 10 Record the Patent Amortization expense for the full year. 1 Record the reversal of the accumulated amortization of patents. 12 Record any impairment loss incurred on the patent. Credit 50,000 Note : journal entry has been entered Record entry Clear entry View general journal 50 1 January 02, 2020 Buildings Cash 2 12 January 03, 2020 Buildings points Cash 3 April 01, 2020 Truck Cash 4 May 13, 2020 Repairs and Maintenance Expense Cash 5 July 01, 2020 Patents Cash 6 December 31, 202 Depreciation Expense 7 June 30, 2021 Accumulated Depreciation-Truck 8 June 30, 2021 Cash Accumulated Depreciation-Buildings Gain on Disposal of PPE 9 December 31, 202 Depreciation Expense Accumulated Depreciation-Buildings 10 December 31, 202 Amortization Expense Accumulated Amortization 11 12 December 31, 202 Impairment Loss Patents December 31, 202 Impairment Loss Patents 00 00 00 00 00 104,000 104,000 2,000 2,000 50,000 50,000 800 800 11,000 11,000