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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,
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 $92,200 cash to purchase storage shed components. residual value of $12,000. May years and a residual value of $7,300. July 13,2019 Paid $180 cash for repairs to the pickup truck. 1, 2019 Paid $19,300 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. 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 \begin{tabular}{l|lllllllll} \hline 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 \end{tabular} Paid $92,200 cash to purchase storage shed components. Note: Enter debits before credits
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