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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
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 $89,000 cash to purchase atorage shed components. January 3, 2020 Paid $5,000 cash to have the storage shed erected. The atorage shed han an estimated 1 ife of 10 years Apri1 1, 2020 and a renidual value of $8,000. April 1, 2020 Paid \$41,000 cash to purchase a plokup truck for use in the business. The truck has an estimated aneful life of five years and a renidual value of $6,000. Thin vehicle is to be recorded in the Truck May 13, 2020 Paid $600 cash for minor repaira to the pickup truek's upholstery. July 1, 2020 Paid $30,000 cauh to purchase patent rights on a ney paper bag manufacturing process. The patent in eatimated to have a renaining useful life of tive yearn. December 31, 2020 Recorded depreciation and amortization on the piokup truck, storage whed, and patent. June 30, 2021 sold the pickup truck for $35,000 cash. (Record the depreciation on the truck prior to recording ita disponal.) December 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patent amortization, deternined that the paten 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 and amortization expense on the pickup truck, storage shed and patent for the year
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