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, 2016 Paid $92,600 cash to purchase storage shed components. January 3, 2016 Paid $4,400 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000. April May July 1, 2016 Paid $31,400 cash to purchase a pickup truck for use in the business; truck has an estimated useful life of five years and a residual value of $7,400. 13, 2016 Paid $190 cash for repairs to the pickup truck. 1, 2016 Paid $19,400 cash to purchase patent rights on a new paper bag manufacturing process; patent is estimated to have a remaining useful life of five years. December 31, 2016 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2017 Sold the pickup truck for $27,300 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2017 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.)