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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 1,2020 Paid $40,000 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. May 13,2020 Paid 500 cash for minor repairs to the pickup truck's upholstery. July 1,2020 Paid $ 29,000 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 31,2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent June 30,2021 Sold the pickup truck for $ 34,000 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 , 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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