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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-decilining-balance depreciation for buildings, and stralght-line amortization for patents January 2, 202e paid 594,600 cash to purchase storage shed conponents. Jenuary 3,202e Paid $4,000 cash to have the storage shed erected. The storage shed has an estinated life of 10 years and a residual value of $7,000. April 1, 202e paid $37,600 cash to purchase a pickup truck for use in the business. The truck has an estinated useful life of five years and a residual value of $5,000. This vehicle is to be reconded in the Truck account. way 13, 2020 Paid 3300 cash for ainor repairs to the plickup truck's upholstery. July 1,2020 paid $21,600 cash to purchase patent rights on a neil paper bag nanufacturing process. The patent is estinated to have a remining usefol life of five years. Decenber 11 , 202e kecorded depreciation and asortization on the pickup truck, storage shed, and patent. June 30, 2021 sold the plckus truck for $31,000 cash. (Record the depreciation on the truck prior to recording its disposal.) Decenber 31, 202 Recorded depreciation on the storage shed. Recorded the patent asortization. After recording the patent atortization, deterained that the potent was inpsired and wrote off its rensining book value (i.e., wrote down the bock value to zero). Required: Prepare the journal entries required on eoch of the above dates. If no entry is required for a transection/event, select "No Journal Entry Required" In the first account fleld. Do not round Intermediate calculations.)

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