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help please :) PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9. 2, LO 9-3, LO 9-4, LO 9-5,
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PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9. 2, LO 9-3, LO 9-4, LO 9-5, LO 9-6] 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, 2826 Paid $104,600 cash to purchase storage shed conponents. January 3,2020 Paid $2,000 cash to have the storage shed erected. The storage shed has an estinated life of 18 years Mpril 1,2020 and a residual value of $5,600. Paid $50,680 cash to purchase a pickup truck for use in the business. The truck has an estinated useful life of tive years and a residual vatue of $3,000. This vehicle is to be recorded in the Truck account. May 13, 2020 Paid $8e0 cash for minor repairs to the pickup truck's upholstery. July 1, 2020 Paid $11,000 cash to purchase patent rights on a new paper bag nanufacturing process. The patent is estimated to have a reaaining useful life of tive years. Decenber 31, 2e20 Recorded depreciation and anortization on the pickup truek, storage shed, and patent. June 30, 2021 sold the pickup truck for s43,eee cash. (Record the depreciation on the truck prior to recording its Decenber 31,2221 Recorded depreciation on the storage shed. Recorded the patent anortization. After recording the patent amortization, determined that the pater 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.) Step by Step Solution
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