Having some trouble figuring out these last few. If you would please show formulas that would be greatly appreciated!
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. 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, 2020 paid $89,000 cash to purchase storage shed components. January 3, 2020 paid $6,888 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $9,888. April 1, 2020 Paid $32,888 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 $7,000. This vehicle is to be recorded in the Truck account. May 13, 2020 Paid $200 cash for minor repairs to the pickup truck's upholstery. July 1, 2020 paid $26,888 cash to purchase patent rights on a new paper bag manufacturing process. The patent is 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 $27,800 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 (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. Do not round Intermediate calculations.) Le Side dle dil X Answer is not complete. No General Journal Credit Date January 02, 2020 Buildings Cash Debit 89,000 1 Oo 89,000 2 8,000 January 03.2020 Buildings Cash 6,000 OO Oo 3 April 01, 2020 Truck 32.000 Cash 32,000 4 May 13, 2020 Repairs and Maintenance Expense 200 OO Cash 200 5 July 01, 2020 Patents 26,000 DO Cash 26,000 6 16,693 X 10,343 X December 31, 202 Depreciation Expense Accumulated Depreciation Buildings Accumulated Depreciation-Truck Accumulated Amortization DO 3,750 2.600 7 June 30, 2021 2,500 Depreciation Expense Accumulated Depreciation-Truck lolo 2,500 8 June 30, 2021 Cash 27,000 3,750 x Accumulated Depreciation-Truck Buildings Gain on Disposal of PPE ololo 12,683 9 December 31, 202 Depreciation Expense > 10,343 >> Accumulated Depreciation Buildings 10,343 X 10 December 31, 202 Amortization Expense 5,200 Accumulated Amortization 0 5.200 11 December 31, 202 Accumulated Amortization 2,340 x Patents 0 2,340 12 December 31, 202 Impairment Lass 4,680 > >> Patents 4,680 View transaction list Journal entry worksheet Record any impairment loss incurred on the patent. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Impairment Loss 4,680 Patents 4,680 Record entry Clear entry View general journal
