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how do you solve this? 10 PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets (LO 9-4, LO 9. 2, LO 9-3, LO
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10 PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets (LO 9-4, LO 9. 2, LO 9-3, LO 9-4, LO 9-5, LO 9-6) 9.09 Dots 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-decining balance depreciation for buildings, and straight-line amortization for patents. Book Print January 2, 2020 Paid $87,000 cash to purcbage storage shed components. January 3, 2020 Paid $3,000 cash to have the storage shed erected. The storage she has an estimated lite of 10 years and a residual value of $6.000. April 1, 2020 Paid $39,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of five years and a residual valor of $4,000. This vehicle is to be recorded in the track account. May 13, 2020 Paid $400 cash for sine repairs to the pickup truck's upholstery. July 1, 2020 Paid $28,000 cash to purchase patent right on a new paper bag manufacturing process. The patent is estimated to have a remaining useful life of tive years. December 31, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2021 sold the pickup truck for $33,000 cash. (Record the depreciation on the track prior to recording ita disposal.) December 31, 2021 Recorded depreciation on the storage shed. Recorded the patent snortisation. After recording the patent anortization, determined that the patent was impaired and wrote of its rensining book value (1.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.) * View transaction list View journal entry worksheet Credit General Journal Debit 87000 No 87.000 1 Date January 02, 2020 Buildings Cash 3,000 3.000 2 January 03, 2020 Buildings Cash 39,000 Cash 3,000 3 April 01, 2020 Truck 39,000 Cash 39,000 4 May 13, 2020 400 Repairs and Maintenance Expense Cash 400 5 July 01, 2020 28,000 Patents Cash 28,000 6 December 31, 2020 Depreciation Exponse 2,800 Amortization Expense Accumulated Depreciation Buildings Accumulated Depreciation-Truck Accumulated Amortization 5,250 2,800 7 June 30, 2021 3,500 Depreciation Expense Accumulated Depreciation Truck 3,500 8 June 30, 2021 33,000 8,750 Cash Accumulated Depreciation Truck Gain on Disposal of PPE Truck 2,750 39,000 9 December 31 2021 8,400 Depreciation Expense 8,400 December 31, 2021 10 5,600 Amortization Expense 5,600 December 31, 2021 11 8,400 Accumulated Amortization 8,400 5,600 12 December 31 2021 Impairment Loss Step by Step Solution
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