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 January 2 Paid $96,000 cash to purchase storage shed components. January 3 Paid $6,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $9,000 April 1 Paid $42,000 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 $7,000 May 13 Paid $600 cash for minor repairs to the pickup truck's upholstery July 1 Paid $19,000 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 $36,000 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 impaired and wrote off its remaining book value (i.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.) Journal entry worksheet 12 2 3 4 5 6 7 8 Record the purchase of storage shed components for $96,000. Note: Enter debits before credits Debit Date General Journal Credit January 02, 2018 Equipment 96,000 Record entry Clear entry View general journal Journal entry worksheet 12> 3 4. 6 7 8 Record the payment of $6,000 to have the storage shed erected. Note: Enter debits before credits. Date General Journal Debit Credit January 03, 2018 Equiment 6,000 Accounts Payable 6,000 Record entry Clear entry View general journal Journal entry worksheet 12 2 4 6 7 8 Record the purchase of a pickup truck for $42,000. Note: Enter debits before credits. Date Debit General Journal Credit April 01, 2018 Equipment 34,000 34,000 Additional Paid-In Capital, Common Stock Record entry View general journal Clear entry Journal entry worksheet 12 4 2 3 6 7 8 Record the repairs of $600 to the pickup truck. Note: Enter debits before credits. Date General Journal Debit Credit 600 May 13, 2018 Repairs and Maintenance Expense Cash 600 Record entry Clear entry View general journal Journal entry worksheet 12> 2 4 6 7 8 Record the purchase of a patent for $19,000 on a new paper bag manufacturing process. Note: Enter debits before credits. Date General Journal Debit Credit Patent July 01, 2018 19,000 19,000 Cash Record entry View general journal Clear entry Journal entry worksheet 12 2 4 5 7 8 Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Depreciation Expense Accumulated Depreciation-Equipment Accumulated Depreciation-Equipment Depreciation Expense Record entry Clear entry View general journal Journal entry worksheet 12 2 3 4 5 6 8 Record the depreciation for the truck up to the date of sale. Note: Enter debits before credits Date General Journal Debit Credit June 30, 2019 Depreciation Expense Accumulated Depreciation-Equipment View general journal Record entry Clear entry Journal entry worksheet 12 2 3 4 6 7 Record the sale of the truck for $36,000 cash. Note: Enter debits before credits. General Journal Debit Credit Date June 30, 2019 Cash Loss on Disposal Accumulated Depreciation-Equipment Equipment Record entry View general journal Clear entry Journal entry worksheet 12 4 6 7 8 Record the depreciath storage shed for the year. Note: Enter debits before credits. Date December 31, 2019 General Journal Debit Credit Depreciation Expens Accumulated Depreciation-Equipment Record entry View general journal Clear entry Journal entry worksheet 1 5 6 7 10 12 12 7 8 9 Record the Patent Amortization expense for the full year. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2019 Record entry View general journal Clear entry Journal entry worksheet 1.... 6 6 79 10 1112> 7 8 Record the reversal of the accumulated amortization of patents. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2019 Record entry View general journal Clear entry Journal entry worksheet 6 689 10112> 7 8 9 Record any impairment loss incurred on the patent. Note: Enter debits before credits. Date December 3 2019 General Journal Debit Credit Record entry Clear entry View general journal