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The following transactions and adjusting entries were completed by Gravure Graphics International, a paper-packaging company. The company uses straight-line depreciation for trucks and other vehicles

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The following transactions and adjusting entries were completed by Gravure Graphics International, a paper-packaging company. 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, 2019 Paid $93,800 cash to purchase storage shed components: January 3, 2019 Paid 54,700 cash to have the storage shed erected, storage shed has an estimated life of ten years and residual value of $11,000 April 1, 2019 Paid 54,700 cash to purchase a pickup truck for use in the business truck has an estimated useful life of five years and residual value of $7,700 May 13, 2019 Paid $220 cash for repairs to the pickup truck. July 1, 2018 Paid $19,700 cach to purchase patent rights on a new paper bag manufacturing process; patent is estimated to have remaining useful life of five years. December 31, 2019 Recorded depreciation and amortization on the pickup truck, storage shed, and patent June 30, 2020 sold the pickup truck for $30,150 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2020 Recorded depreciation on the storage shed; determined that the patent was impaired and wrote off its remaining hook value. (.., write 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.) Journal entry worksheet Paid $4,700 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 03, 2019 Record entry Clear entry View general Journal Journal entry worksheet Paid $220 cash for repairs to the pickup truck. Note: Enter debits before credits. General Journal Debit Credit Date May 13, 2019 Record entry Clear entry View general journal Journal entry worksheet Recorded depreciation and amortization on the pickup truck, storage shed, and patent. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general journal Journal entry worksheet Recorded depreciation on the storage shed; determined that the patent was impaired and wrote off its remaining book value (i.e., wrote down the book value to zero). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal

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