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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
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 $102,000 cash to purchase storage shed components. January 3, 2020 Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual
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