Prepare the journal entries
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-fine depreciation for trucks and other vehicles, double-declining-balance depreciation for buldings; and straight-fine amortization for patents. January 2, 2020 Paid $99,000 cash to purchase storage shed components. January 3, 2020 Paid \$2, 000 cash to have the storoge shed erected. The storage shed has an estinated 11 ife of 10 years and a residual value of $5,000. April 1, 2020 Pald $45, eve cash to purchase a plckup truck for use in the business. The truck has an estialed useful 11f e of five years and a residual value of $3, 000 . This vehicle is to be recorded in the Truck account. May 13, 2020 Paid $900 cash for, ninor repairs to the pickup truck's upholstery. July 1, 2020 pald $16,000 cask to purchase patent rights on a hew paper bog eanufacturing process. The patent is enstinated to have a remaining useful life of flve years. Decenber 31, 2020 Recorded depreciation and amortization on the plekup truck, storage shed, and potent. June 30, 2021 sold the plickup truck for $33,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Decenber 31,2021 9ecorded depreciation on the storage shed. flecorded the patent anortization, After recording the patent amortization, deteralned that the patent was impalred and wrote off Its reasining book value (1.e... wrotir down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for o transaction/event, select "No Journal Entry Required" in the first occount field. Do not round intermediote colculotions.) Record the purchase of storage shed components for $99,000. Notes Enter debits before credits. Journal entry worksheet Record the payment of $2,000 to have the storage shed erected. Note: Enter debits before credits. Journal entry worksheet Record the purchase of a pickup truck for $45,000. Note: Enter debits before credits. Record the repairs of $900 to the pickup truck. Note: Enter debits before credits. Journal entry worksheet Record the purchase of a patent for $16,000 on a new paper bag manufacturing process. Note: Enter debits before credits. Journal entry worksheet Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Journal entry worksheet Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the depreciation on the storage shed for the year. Note: Enter debits before credits. Journal entry worksheet
