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 January 2, 2015 Paid $88,000sh to purchase storage shed components January 3, 2015 Paid S4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of S7,000 Paid S31,000 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 $5,000 Paid S300 cash for repairs to the pickup truck. Paid $27,000 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 1, 2015 13, 2015 1, 2015 December 31, 2015 Recorded depreciation and amortization on the pickup truck, storage shed, and June 30, 2016 Sold the pickup truck for $26,000 cash. (Record the depreciation on the truck prior December 31, 2016 Recorded depreciation on the storage shed. Determined that the patent was patent to recording its disposal.) impaired and wrote off its remaining book value (ie., 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. Do not round intermediate calculations.) January U2, 88.0000 Cash 88,000 January 03 4,000 Cash 4,000 April 01, 2015 31,000 Equipment Cash 31,000 May 13, 2015 Repairs and Maintenance Expense Cash July 01, 2015 Patent 27,000 27,000 December 31 Depreciation Expense Amortization Expense June 30, 2016 Depreciation Expense Accumulated Depreciation-Equipment June 30, 2016 26,000 Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal December 31 2016 Depreciation Expense Accumulated Depreciation-Building December 31 2016 Impairment Loss Patent