The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2015 and 2016. 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	, 2015	Paid $104,000 cash to purchase storage shed components.
January	3	, 2015	Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000.
April	1	, 2015	Paid $50,000 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 $3,000.
May	13	, 2015	Paid $800 cash for repairs to the pickup truck.
July	1	, 2015	Paid $11,000 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	, 2015	Recorded depreciation and amortization on the pickup truck, storage shed, and patent.
June	30	, 2016	Sold the pickup truck for $43,000 cash. (Record the depreciation on the truck prior to recording its disposal.)
December	31	, 2016	Recorded depreciation on the storage shed. Determined that the patent was impaired and wrote off its remaining book value (i.e., wrote down the book value to zero). 1 Record the purchase of storage shed components for $104,000. 2 Record the payment of $2,000 to have the storage shed erected. 3 Record the purchase of a pickup truck for $50,000. 4 Record the repairs of $800 to the pickup truck. 5 Record the purchase of a patent for $11,000 on a new paper bag manufacturing process. 6 Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. 7 Record the depreciation for the truck up to the date of sale. 8 Record the sale of the pickup truck for $43,000 cash. 9 Record the depreciation on the storage shed for the year. 10 Record any impairment loss incurred on the patent.