Check my work ollowing transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents 9 2018 January 2 Paid $94,000 cash to purchase storage shed components January 3 Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated 2 il 1 Paid $37,000 cash to purchase a pickup truck for use in the business. The truck has an Hay 13 Paid $300 cash for minor repairs to the pickup truck's upholstery. life of 10 years and a residual value of $7,00o. estimated usetul life of tive years and a residual value of $5,000 July 1 Paid $21,000 cash to purchase patent rights on a neu paper bag nanufacturing process. The patent is estimated to have a remaining usetul life of tive years. Decenber 31 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 2019 June 30 Sold the pickup truck tor $31,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31 Recorded depreciation on the storage shed. A1so determined that the patent vas impaired and wrote off its remaining book value (1.e., vrote 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. Do not round intermediate calculations.) View transaction list K Prev9 of 10 Next > View transaction list Journal entry worksheet 2 3 4 5 6 7 12 Record the purchase of storage shed components for $94,000. 8 Note: Enter debits before credits. Date General Journal Debit Credit January 02, 2018