PA9-4 Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, 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 paper-packaging company called Gravure 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 2, 2015 January January Paid $103,000 cash to purchase storage shed components Paid $3,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $6,000. Paid $49,000 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 $4,000 3, 2015 April 1, 2015 May 13, 2015 1, 2015 Paid $12,000 cash to at rghte process. The patent is estimated to have a remaining useful life of five years. Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Sold the pickup truck for $42,000 cash. (Record the depreciation on the truck prior to recording its disposal.) 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 a new paper bag manufacturing July December 31, 2015 June 30, 2016 December 31, 2016 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 Xi 1 Record the purchase of storage shed components for $103,000 10