Journal Entries Problem! New version:

The following transactions and adjusting entries were completed by a paper-packaging company called Freddie Graphics International during 2015 and 2016. 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	, 2015	Paid $89,000 cash to purchase storage shed components.
January	3	, 2015	Paid $6,000 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	, 2015	Paid $32,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of five years and a residual value of $7,000.
May	13	, 2015	Paid $200 cash for repairs to the pickup truck.
July	1	, 2015	Paid $26,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a remaining useful life of five years.
December	31	, 2015	Recorded depreciation and amortization on the pickup truck, storage shed, and patent.
June	30	, 2016	Sold the pickup truck for $27,000 cash. (Record the depreciation on the truck prior to recording its disposal.)
December	31	, 2016	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).

1) Record the following journal entries:

A) (December 31, 2015) Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year.

B) (June 30, 2015) Record the depreciation for the truck up to the date of sale.

C) (June 30, 2015) Record the sale of the pickup truck for $27,000 cash.

D) (December 31, 2015) Record the depreciation on the storage shed for the year.

E) (December 31, 2015) Record any impairment loss incurred on the patent.