- Chapter 9 UUM.COMmap/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fniagara blackboard.com%252Fwebapps%252Fportal%252F Saved 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 patents. January 2, 2019 Paid $91,400 sh to purchase storage shed components. January 3, 2019 Paid $4,108 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000. April 1, 2019 Paid $28,100 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 $7,100. May 13, 2019 Paid $160 cash for repairs to the pickup truck. July 1, 2019 Paid $19,180 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, 2019 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2020 Sold the pickup truck for $24,450 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2020 Recorded depreciation on the storage shed; 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.) View transaction list Journal entry worksheet 1 2 5 7 8 9 > Paid $91,400 cash to purchase storage shed components. ore enter deburs before credits wate General Journal Debit Credit any 02/2019 ecotch are Clear entry View general journal View transaction list Journal entry worksheet Paid $4,100 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03, 2019 Record entry Clear entry View general journal View transaction list Journal entry worksheet Paid $28,100 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 $7,100. Note: Enter debits before credits. Date General Journal Apr 01, 2019 Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Note: Enter debits before credits. Date General Journal Debit Dec 31, 2019 Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 1 Tim 8 9 > Record the depreciation on the truck at the time of disposal. Note: Enter debits before credits. Date General Journal Debit Credit Jun 30, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet Sold the pickup truck for $24,450 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jun 30, 2020 Record entry Clear entry View general journal View transaction list Journal entry worksheet