straight-me depreciation for trucks and other vehicles, double declining balance depreciation for buildings, and straight-line amortization for patents. wisdi dosages were completed by a paper packaging company called Gravure Graphics International during 2018 and 2019. The company uses January 2 paid $91,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated 118 of 10 years and residual value of $5,... April Tald $34.000 cash to purchase. Pickup truck for use in the business. The truck has an estimated useful life of five years and a residual value of $2,0 May 13 Pasa 5600 cash for ainor repairs to the pickup truck's upholstery. July 1 raid $24,00 cash to purchase patent, rights on new paper bag manufacturing process. The patent is estimated to have remaining useful life of the years December 31 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 2015 une so sold the pickup truck for $29,000 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 inaired and wrote off its remaining book value (1.e., wrote down the book value to zero. Required: Prepare the joumal entries required on each of the above dates of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round Intermediate calculations.) Journal entry worksheet 1 2 3 4 5 6 7 8 12 > ... Record the purchase of storage shed components for $91,000. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2018 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 12 > Record the payment of $2,000 to have the storage shed erected. Note: Enter debits before credits. Date General Journal Debit Credit January 03, 2018 Record entry Clear entry View general journal Journal entry worksheet Record the purchase of a patent for $24,000 on a new paper bag manufacturing process. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2018 Record entry Clear entry View general journal Journal entry worksheet Grto Record the depreciation on the storage shed for the year. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2019 Record entry Clear entry View general journal Journal entry worksheet 1 ... 5 6 7 8 9 10 11 12 > Record the Patent Amortization expense for the full year. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2019 Record entry Clear entry View general journal Journal entry worksheet 1 ... 5 6 7 8 9 10 11 12 Record the reversal of the accumulated amortization of patents. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2019 Record entry Clear entry View general journal
