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 $86,000 cash to purchase storage shed components.
January		3		Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000.
April		1		Paid $40,000 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		Paid $500 cash for minor repairs to the pickup truck's upholstery.
July		1		Paid $29,000 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 $34,000 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.)

Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 86,000 January 02, 2018 Building Cash 86,000 2 2,000 January 03, 2018 Building Cash Oo 2,000 3 April 01, 2018 40,000 Equipment Cash 40,000 4 May 13, 2018 500 Repairs and Maintenance Expense Cash lolo 500 5 July 01, 2018 Patent 29,000 olol Cash 29,000 6 December 31, 201 Depreciation Expense 23,150 2,900 Amortization Expense Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accumulated Amortization looool 17,600 5,550 2,900 7 June 30, 2019 3,700 Depreciation Expense Accumulated Depreciation Equipment 3,700 8 June 30, 2019 34,000 . 9,250 Cash Accumulated DepreciationEquipment Equipment Gain on Disposal 40,000 3,250 9 December 31, 201 Depreciation Expense 14,080 Accumulated Depreciation Buildings 14,080 10 December 31, 201| Amortization Expense 11,800 X olo Accumulated Amortization 11,800 X 11 December 31, 201 Accumulated Amortization 11,800 Patent 11,800 X 12 December 31, 201 Impairment Loss 26,100 X Patent 26,100 X