PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 92, 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, 2020 Pafd $91,000 cash to purchase storage shed components. January 3, 2020 Paid \$2, 600 cash to have the storage shed erected. The storage shed has on estimated 11fe of 10 years and a residual value of $5,000. April 1, 2020 Paid $34,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful 11 ife of five years and a residual value of $3,000. This vehicle is to be recorded in the Truck account. May 13, 2020 Paid $600 cash for minor repairs to the pickup truck's upholstery. July 1, 2020 pald $24,009 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. Decenber 31, 2020 Recorded depreciation and asortizotion on the plickup truck, storage shed, and patent. June 30, 2021 Sold the pickup truck for $29,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2021 Recorded depreclation on the storage shed. Recorded the patent asortization. After recording the patent amortization, determined that the patent was impaired and wrote of f its remaining book value (i.ev, 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 tronsaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate colculotions.) Journal entry worksheet 1 2 3 5 8 12 Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Journal entry worksheet Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Inurnal entrv worksheet Note: Enter debits before credits. Journal entry worksheet Record the depreciation on the storage shed for the year. Note: Enter debits before credits. Journal entry worksheet 1 5 6 7 8 9 Record the Patent Amortization expense for the full year. Note: Enter debits before credits. Journal entry worksheet Record the reversal of the accumulated amortization of patents. Note: Enter debits before credits. Journal entry worksheet Record any impairment loss incurred on the patent. Note: Enter debits before credits