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 $100,000 cash to purchase storage shed components. January 3, 2020 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years) and a residual value of $8,000. April 1, 2020 May 13, 2020 July 1, 2020 Paid $400 cash for minor repairs to the pickup truck's upholstery. Paid $15,000 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, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Paid $46,000 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 $6,000. This vehicle is to be recorded in the Truck account. June 30, 2021 December 31, 2021 Sold the pickup truck for $39,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, determined that the patent was impaired and wrote off its remaining book value (1.e., wrote down the book value to zero). 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 depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Date December 31, 2020 General Journal Depreciation Expense Amortization Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Truck Accumulated Amortization Debit 1,500 Credit 21,000 6,000 Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Date June 30, 2021 General Journal Depreciation Expense Accumulated Depreciation-Truck Debit Credit Record the sale of the truck for $39,000 cash. Note: Enter debits before credits. Date June 30, 2021 General Journal Cash Accumulated Depreciation-Truck Truck Gain on Disposal of PPE Debit 39,000 Credit 46,000 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 $100,000 cash to purchase storage shed components. January 3, 2020 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years) and a residual value of $8,000. April 1, 2020 May 13, 2020 July 1, 2020 Paid $400 cash for minor repairs to the pickup truck's upholstery. Paid $15,000 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, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Paid $46,000 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 $6,000. This vehicle is to be recorded in the Truck account. June 30, 2021 December 31, 2021 Sold the pickup truck for $39,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, determined that the patent was impaired and wrote off its remaining book value (1.e., wrote down the book value to zero). 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 depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Date December 31, 2020 General Journal Depreciation Expense Amortization Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Truck Accumulated Amortization Debit 1,500 Credit 21,000 6,000 Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Date June 30, 2021 General Journal Depreciation Expense Accumulated Depreciation-Truck Debit Credit Record the sale of the truck for $39,000 cash. Note: Enter debits before credits. Date June 30, 2021 General Journal Cash Accumulated Depreciation-Truck Truck Gain on Disposal of PPE Debit 39,000 Credit 46,000 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 $100,000 cash to purchase storage shed components. January 3, 2020 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years) and a residual value of $8,000. April 1, 2020 May 13, 2020 July 1, 2020 Paid $400 cash for minor repairs to the pickup truck's upholstery. Paid $15,000 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, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Paid $46,000 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 $6,000. This vehicle is to be recorded in the Truck account. June 30, 2021 December 31, 2021 Sold the pickup truck for $39,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, determined that the patent was impaired and wrote off its remaining book value (1.e., wrote down the book value to zero). 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 depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Date December 31, 2020 General Journal Depreciation Expense Amortization Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Truck Accumulated Amortization Debit 1,500 Credit 21,000 6,000 Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Date June 30, 2021 General Journal Depreciation Expense Accumulated Depreciation-Truck Debit Credit Record the sale of the truck for $39,000 cash. Note: Enter debits before credits. Date June 30, 2021 General Journal Cash Accumulated Depreciation-Truck Truck Gain on Disposal of PPE Debit 39,000 Credit 46,000 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 $100,000 cash to purchase storage shed components. January 3, 2020 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years) and a residual value of $8,000. April 1, 2020 May 13, 2020 July 1, 2020 Paid $400 cash for minor repairs to the pickup truck's upholstery. Paid $15,000 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, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Paid $46,000 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 $6,000. This vehicle is to be recorded in the Truck account. June 30, 2021 December 31, 2021 Sold the pickup truck for $39,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, determined that the patent was impaired and wrote off its remaining book value (1.e., wrote down the book value to zero). 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 depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Date December 31, 2020 General Journal Depreciation Expense Amortization Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Truck Accumulated Amortization Debit 1,500 Credit 21,000 6,000 Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Date June 30, 2021 General Journal Depreciation Expense Accumulated Depreciation-Truck Debit Credit Record the sale of the truck for $39,000 cash. Note: Enter debits before credits. Date June 30, 2021 General Journal Cash Accumulated Depreciation-Truck Truck Gain on Disposal of PPE Debit 39,000 Credit 46,000 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 $100,000 cash to purchase storage shed components. January 3, 2020 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years) and a residual value of $8,000. April 1, 2020 May 13, 2020 July 1, 2020 Paid $400 cash for minor repairs to the pickup truck's upholstery. Paid $15,000 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, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Paid $46,000 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 $6,000. This vehicle is to be recorded in the Truck account. June 30, 2021 December 31, 2021 Sold the pickup truck for $39,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, determined that the patent was impaired and wrote off its remaining book value (1.e., wrote down the book value to zero). 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 depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Date December 31, 2020 General Journal Depreciation Expense Amortization Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Truck Accumulated Amortization Debit 1,500 Credit 21,000 6,000 Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits. Date June 30, 2021 General Journal Depreciation Expense Accumulated Depreciation-Truck Debit Credit Record the sale of the truck for $39,000 cash. Note: Enter debits before credits. Date June 30, 2021 General Journal Cash Accumulated Depreciation-Truck Truck Gain on Disposal of PPE Debit 39,000 Credit 46,000