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The following transactions and adjusting entries were completed by a paperpackaging company called Gravure Graphics
International. The company uses straightline depreciation for trucks and other vehicles, doubledecliningbalance
depreciation for buildings, and straightline amortization for patents.
Required:
Prepare the journal entries required on each of the above dates. If no entry is required for a transactionevent select
No Journal Entry Required" in the first account field. Do not round intermediate calculations.
WHAT I NEED HELP WITH: I need to
Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year.
Record the depreciation for the truck up to the date of sale.
Record the sale of the truck for $ cash.
Record the depreciation on the storage shed for the year.
Record the Patent Amortization expense for the full year.
Record the reversal of the accumulated amortization of patents.
Record any impairment loss incurred on the patent.
THANK YOU:
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