hrome File Edit View History F Bookmarks People Window Help 13% CO Fri 4:53 PM a tpx PB9-4 Recording Transactions and Adjustments for Tangible and Intangible Assets Lo 91 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 local delivery company called Fast Delivery. The company uses straight-ine depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-ine amortization for franchise rights. Paid $179,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,700. Paid $47,000 cash to of five years and a residual Varlue of $9,400 January 2,2015 July 1, 2015 a delivery van. The van has an estimated useful life October 2, 2015 Paid $700 cash to paint a small office in the warehouse building. October 13, 2015 Paid $100 cash to get the oil changed in the delivery van December 1, 2015 Paid $84,000 cash to UPS to begin operating Fast Delivery business as a franchise December 31, 2015 June 30, 2016 December 31, 2016 using the name The UPS Store. This franchise right expires in five yoars Recorded depreciation and amortization on the delivery van, warehouse building. and franchise right Sold the warehouse building for $143,000 cash. (Record the depreciation on the building prior to recording its disposal.) Recorded depreciation on the delivery van and amortization on the franchise right Determined that the franchise right was not impaired in value. 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.)