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April 1 , 2 0 2 0 Paid $ 4 0 , 0 0 0 cash to purchase a pickup truck for use in the
April Paid $ 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 $ This vehicle is to be recorded in the Truck account. May Paid cash for minor repairs to the pickup truck's upholstery. July Paid $ cash to purchase patent rights on a new paper bag manufacturing process. The patent estimated to have a remaining useful life of five years. December Recorded depreciation and amortization on the pickup truck, storage shed, and patent June Sold the pickup truck for $ cash. Record the depreciation on the truck prior to recording its disposal. December 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 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 fieldDo not round intermediate calculations
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