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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

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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 vehicles, double-declining balance depreciation for buildings, and straight-line amortization for patents. January 2, 2020 Paid 599,000 cash to purchase storage shed components. January 3, 2020 Paid $2,000 canh to have the storage shed erected. The storage shed has an entimated life of 10 years and a residual value of $5,000. April 1, 2020 paid $45.000 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. This vehicle is to be recorded in the Truck account. May 13, 2020 Paid $900 cash for minor repairs to the pickup truck's upholstery. July 1, 2020 Paid $16,000 canh to purchase patent rights on a new paper bag manufacturing process. The patent in estimated to have a remaining useful life of five years. December 31, 2020 Recorded depreciation and amortivation on the pickup truck, atorage shed, and patent. June 30, 2021 sold the pickup truck for $38,000 cash. (Record the depreciation on the truck prior to recording it disposal.) December 31. 2021 Recorded depreciation on the storage shed. Recorded the patent amortination. After recording the patent amortization, determined that the patent van limpaired and wrote of its remaining book value The wrote down the book value to rero). 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 Record the repairs of $900 to the pickup truck. Note: Enter debits before credits. Date General Journal Debit Credit May 13, 2020 Record entry Clear entry View general Journal Journal entry worksheet

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