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 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining balance depreciation for buildings, and straight-line amortization for patents. 2018 January 2 Paid $104,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1 Paid $50,000 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 $3,000. May 13 Paid $800 cash for minor repairs to the pickup truck's upholstery. July 1 Paid $11,000 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 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 2019 June 30 sold the pickup truck for $43,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31 Recorded depreciation on the storage shed. Also 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. Do not round intermediate calculations.) I Answer is not complete. No General Journal Credit Date January 02, 2018 Building Cash Debit 104,000 104000 2 January 03, 2018 Building Cash 2.000 2,000 April 01, 2018 Equipment Cash 50,000 O 50,000 to search o Cash 50,000 4 May 13, 2018 800 Repairs and Maintenance Expense Cash 800 5 July 01, 2018 Patent > 11,000 Cash 11,000 6 7,050 December 31, 201 Depreciation Expense Accumulated Depreciation-Equipment 7,050 7 June 30, 2019 21,200 X Depreciation Expense Accumulated Depreciation-Buildings 21,200 8 June 30, 2019 2.200 Amortization Expense Accumulated Amortization 2.200 9 December 31, 201 Cash Accumulated Depreciation--Equipment Depreciation Expense Equipment Gain on Disposal 43,000 7,050 4.700 X X X X X 50.000 4.750 10 16,960 December 31, 201 Depreciation Expense Accumulated Depreciation--Buildings % 16,960 x 11 11.000 3 December 31, 201 Accumulated Amortization Patent 11.000 $ 12 December 31, 201 No Journal Entry Required