January 2, 2016 Paid $95,800 cash to purchase storage shed components. January 3, 2016 Paid $5,200 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $12,000. April 1, 2016 Paid $40,200 cash to purchase a pickup truck for use in the business; truck has an estimated useful life of five years and a residual value of $8,200. May 13, 2016 Paid $270 cash for repairs to the pickup truck July 1, 2016 Paid $20,200 cash to purchase patent rights on a new paper bag manufacturing process; patent is estimated to have a remaining useful life of five years. December 31, 2016 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2017 Sold the pickup truck for $34. truck for $34,900 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2017 Recorded depreciation on the storage shed; 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.) View transaction list 1 Paid $95,800 cash to purchase storage shed components 2 Paid $5,200 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $12,000. 3 Paid $40,200 cash to purchase a pickup truck for use in the business; truck has an estimated useful life of five years and a residual value of $8,200. Credit 4 Paid $270 cash for repairs to the pickup truck. 5 Paid $20,200 cash to purchase patent rights on a new paper bag manufacturing process; patent is estimated to have a remaining useful life of five years. 6 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 7 Record the depreciation on the truck at the time of disposal 8 Sold the pickup truck for $34,900 cash. 9 Recorded depreciation on the storage shed; determined that the patent was impaired and wrote off its remaining book value i.e., wrote down the book value to zero)