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Please answer 6, 8, & 11 on the general journal and explain in detail how you got the answer. I highlighted it yellow for reference.
Please answer 6, 8, & 11 on the general journal and explain in detail how you got the answer. I highlighted it yellow for reference.
PA9-4 (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 paper-packaging company called Gravure Graphics International. 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, 2020 Paid $93,090 cash to purchase storage shed components. January 3, 2020 Paid 54,000 cash to have the storage shed erected. The storage shed has an estimated 11 fe of 10 years and a Paid $36,000 cash to purchase a pickup truck for use in the business. The truck has an estirated useful life of April 1, 2020 residual value of $7,000. April 1, 2020 Palde years and a residual value of $5,009. This vehicle is to be recorded in the Truck account. Hay 13 , 2020 Paid $400 cash for minar repairs to the pickup truck's upholstery. July 1, 2020 Paid $22,000 cosh to purchase patent rights on a neir paper bag manufacturing process. The patent is estinated to have a renaining useful i1fe of five years. December 11, 2020 Recorded depreciation and amortization on the pichup truck, storage shed, and patent. June 30, 2021 sold the pickup truck for $31, 60e cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2021 Recorded depreciation on the storage shed. Recorded the patent anortization. After recording the patent anortization, deternined that the potent was impaired and wrote off its reasining book value (1.e., wrote dovin the book value to rero). Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Required: Entry Required" in the first account field. Do not round intermediate calculations.) Step by Step Solution
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