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, buildings, and other vehicles, and straight$-$line amortization for

patents.

January $2,2020$ Paid $$97,000$ 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 value of $$7,000.$

April $1,2020$ Paid $$43,000$ 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 $$5,000.$ This vehicle is to be recorded in the Truck

account.

May $13,2020$ Paid $$700$ cash for minor repairs to the pickup truck's upholstery.

July $1,2020$ Paid $$18,000$ 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 $31,2020$ Recorded depreciation and amortization on the pickup truck, storage shed, and patent.

June $30,2021$ Sold the pickup truck for $$37,000$ cash. $($Record the depreciation on the truck prior to recording its

disposal.$)$

December $31,2021$ Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the

patent amortization, determined that the patent was not impaired.

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 depreciation on the storage shed for the year.