prepare the journal entries for the following:

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 2 Paid $94,000 cash to purchase storage shed components. Paid $4,000 cash to have the Storage shed erected. The storage shed has an estimated 1life of 10 years and a residual value of $7,000. January January April 1 Paid $37,000 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 $5,000. May 13 Paid $300 cash for minor repairs to the pickup truck's upholstery. July 1 Paid $21,000 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 $31,000 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 inpaired and wrote off ita remaining book value (1.e., vrote down the book value to zero). Journal entry worksheet 1 2 3 4 7 8 12 Record the purchase of storage shed components for $94,000. Note: Enter debits before credits. Date General Journal Debit Credit January 02, 2018 Record entry Clear entry View general journal