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 $$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.$

April $1,2019$ Paid $$34,700$ 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 $$7,700.$

May $13,2019$ Paid $$220$ cash for repairs to the pickup truck.

July $1,2019$ Paid $$19,700$ 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 $31,2019$ 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 book value. $($i$.$e$.,$ wrote 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$*******$

$1$Paid $$93,800$ cash to purchase storage shed components.

Note: Enter debits before credits.Paid $$93,800$ cash to purchase storage shed components.

$2$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.$

$3$Paid $$34,700$ cash to purchase a pickup truck for use in the business; truck has an estimated useful life of five years and a residual value of $$7,700.$

$4$Paid $$220$ cash for repairs to the pickup truck.

$5$Paid $$19,700$ cash to purchase patent rights on a new paper bag manufacturing process; patent is estimated to have a remaining useful life of five years.

$6$Recorded depreciation and amortization on the pickup truck, storage shed, and patent.

$7$Record the depreciation on the truck at the time of disposal.

$8$Sold the pickup truck for $$30,150$ cash.

$9$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$).$