5 PA9-5 Recording Transactions and Adjustments for Tangible and Intangible Assets (L01, LO2, LO3, L04, LOS, LOG) OOK 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 potents. January 2, 2016 Paid 597,400 cash to purchase storage shed components. January 3, 2016 Paid 55,600 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $10,000. April 1, 2016 Paid 544,680 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 58,600. May 13, 2016 Paid $310 cash for repairs to the pickup truck. July 1, 2016 Paid $20,600 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 $38,700 cash. (Record the depreciation on the truck prior to recording its disposal.) Decenber 31, 2017 Recorded depreciation on the storage sheds determined that the patent was impaired and wrote of its remaining book value. (t.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.) View transaction ist Journal entry worksheet Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a trans entry required" in the first account field.) View transaction list Journal entry worksheet