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Please show any required work. Having trouble on #10 and need the rest checked please. The following transactions and adjusting entries were completed by a
Please show any required work. Having trouble on #10 and need the rest checked please.
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, buildings, and other vehicles, and straight-line amortization for patents. January 2, 2020 Paid $88, eeo cash to purchase storage shed components. January 3, 2020 Paid $4,600 cash to have the storage shed erected. The storage shed has an estinated life of 10 years and a residuat value of $7,089. April 1, 2020 Paid 531,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful ilfe of five years and a residual value of 55,000 . This vehicle is to be recorded in the Truck account. May 13, 2020 Paid 5300 cash for minor repairs to the pickup truck's upholstery. Juty 1, 2020 paid $27,000 cash to purchase patent rights on a new paper bag manufactiring process. The patent is estimated to have a remaining useful life of five years. Decenber 31, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30,2021 Sold the piekup truck for $26,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Decenber 31, 2021 Recorded depreciation on the storage shed. Mecorded the patent anortization. After recording the patent anortization, deternined that the patent was not inpaired. 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.) Record the purchase of storage shed components for $88,000. Record the payment of $4,000 to have the storage shed erected. Record the purchase of a pickup truck for $31,000. Record the repairs of $300 to the pickup truck. Record the purchase of a patent for $27,000 on a new paper bag manucturing process. Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note : = journal entry has been entered Record the depreciation for the truck up to the date of sale. Record the sale of the truck for $26,000 cash. Record the depreciation on the storage shed for the year. Record the Patent Amortization expense for the full year. Note : = journal entry has been entered \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline \multirow[t]{2}{*}{} & 1 & January 02,2020 & Buildings & 88,000 & \\ \hline & & & Cash & & 88,000 \\ \hline \multirow[t]{3}{*}{>} & 2 & January 03, 2020 & Buildings & 4,000 & \\ \hline & & & Cash & & \\ \hline & & & & & \\ \hline \multirow[t]{3}{*}{ i } & 3 & April 01, 2020 & Truck & 31,000 & \\ \hline & & & Cash & & 31,000 \\ \hline & & & s. & & \\ \hline & 4 & May 13,2020 & Repairs and Maintenance Expense & 300 & \\ \hline & & & Cash & & 300 \\ \hline & 5 & July 01,2020 & Patents & 27,000 & \\ \hline & & i & Cash & & 27,000 \\ \hline & & & & & \\ \hline & 6 & \begin{tabular}{l} December 31 . \\ 2020 \end{tabular} & Depreciation Expense & 22,300 & \\ \hline & & & Amortization Expense & 2,700 & \\ \hline & & & Accumulated Depreciation-Buildings & & 18,400 \\ \hline & & & Accumulated Depreciation-Truck & & 3,900 \\ \hline & & & Accumulated Amortization & & 2,700 \\ \hline \multirow[t]{2}{*}{ Step by Step Solution
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