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, for buildings, and straight-line amortization for patents. danuary 2. 20 Paid $100,000 cash to purchase storage shed January 3,205 Paid $5,000 cash to have the storage shed erected. Apri20 Paid $46,000 cash to purchase a pickup truck for use May 3,215 Paid $400 cash for repairs to the pickup truck. The storage shed has an estimated life of 10 years and a residual value of $8,000 in the business. The truck has an estimated useful life of five years and a residual value of $6,000. 1, 2015 Paid $15,000 cash to purchase patent rights on a new paper bag estimated to have a remaining useful life of five years. Recorded depreclation and amortization on the pickup truck, storage shed, and patent. Sold the pickup truck for $39,000 cash. (Record the depreciation on the truck prior to recording its disposal.) June0, 2016 December 31, 2016 Recorded depreciation on the storage shed Determined that the patent was impaired and wrote off its remaining book value (.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 Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the purchase of storage shed components for $100,000 debits befre nay 02, 20