he following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics ternational. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance eprectation for buildings, and straight-line amortization for patents January 2, 2020 Paid $96,000 cash to purchase storage shed components. January 3, 2020 Paid 56,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $9,000. April 1, 2020 Paid $42,000 cash to purchase a pickup truck for use in the business. The truck has an estinated useful life of five years and a residual vatue of 57,000 . This vehicte is to be recorded in the Truck account. May 13, 2020 Paid $6e0 cash for minor repairs to the pickup truck's upholstery. July 1, 2020 patd 519 , eee cash to purchase patent rights on a new paper bag manufacturing process. The patent is estinated to have a renaining useful life of five years. zember 31, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2021 Sold the pickup truck for $36,000 cash. (Record the depreciation on the truck prior to recording its disposal.) scember 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, determined that the patent was inpaired and wrote off its remaining book value (i.e., wrote down the book value to zero). equired: repare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No "surnal Entry Required" in the first account field. Do not round intermediate calculations.) he following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics ternational. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance eprectation for buildings, and straight-line amortization for patents January 2, 2020 Paid $96,000 cash to purchase storage shed components. January 3, 2020 Paid 56,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $9,000. April 1, 2020 Paid $42,000 cash to purchase a pickup truck for use in the business. The truck has an estinated useful life of five years and a residual vatue of 57,000 . This vehicte is to be recorded in the Truck account. May 13, 2020 Paid $6e0 cash for minor repairs to the pickup truck's upholstery. July 1, 2020 patd 519 , eee cash to purchase patent rights on a new paper bag manufacturing process. The patent is estinated to have a renaining useful life of five years. zember 31, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2021 Sold the pickup truck for $36,000 cash. (Record the depreciation on the truck prior to recording its disposal.) scember 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, determined that the patent was inpaired and wrote off its remaining book value (i.e., wrote down the book value to zero). equired: repare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No "surnal Entry Required" in the first account field. Do not round intermediate calculations.)
