PB9-4 (Algo) 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 local delivery company called Fast Delivery. The company uses straight-line depreciation for delivery vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for franchise rights. January 2, 2020 Paid $169,000 cash to purchase a small warehouse building near the airport. The building has an estimated life of 20 years and a residual value of $3,400. July 1, 2020 Paid $34,000 cash to purchase a delivery van. The van has an estimated useful life of five years and a residual value of $6,800. October 2, 2020 Paid $400 cash to paint a small office in the warehouse building. October 13, 2020 Paid $100 cash to get the oil changed in the delivery van. December 1, 2020 Paid $99,000 cash to UPS to begin operating Fast Delivery business as a franchise using the name The UPS Store. This franchise right expires in five years. December 31, 2020 Recorded depreciation and amortization on the delivery van, warehouse building, and franchise right. June 30, 2021 Sold the warehouse building for $135,000 cash. (Record the depreciation on the building prior to recording its disposal.) December 31, 2021 Recorded depreciation on the delivery van and amortization on the franchise right. Determined that the franchise right was not impaired in value. 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.) Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the purchase of a warehouse building for $169,000 cash. Note: Enter debits before credits. Date January 02, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the purchase of a delivery van for $34,000 cash. Note: Enter debits before credits. Date July 01, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 56789 Record the payment for painting a small office in the warehouse building for $400. Note: Enter debits before credits. Date October 02, 2020 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 4 56789 Record the payment for oil changes in the delivery van of $100. Note: Enter debits before credits. Date October 13, 2020 General Journal Debit Credit View general journal Record entry Clear entry > Journal entry worksheet 1 2 3 4 5 6789 Record the franchise rights purchased for $99,000 to allow for the operation of a fast delivery business. Note: Enter debits before credits. Date December 01, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the depreciation and amortization expenses on the delivery van, warehouse building, and franchise rights for the year 2020. Note: Enter debits before credits. Date December 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the depreciation of the warehouse building up to the date of sale in 2021. Note: Enter debits before credits. Date June 30, 2021 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 4 5 6 7 00 Record the sale of the warehouse building for $135,000 cash. Note: Enter debits before credits. Date June 30, 2021 6 > General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet