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 $97, 4ee cash to purchase storage shed components. January 3, 2016 Paid $5,680 cash to have the storage shed erected; storage shed has an estimated life of ten years and residual value of $10,000 April 1, 2016 Paid $44,600 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 $8,600. May 13, 2016 Paid $310 cash for repairs to the pickup truck. July 1, 2016 Paid $20,600 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 anortization on the pickup truck, storage shed, and patent. June 30, 2017 Sold the pickup truck for f38,788 cash. (Record the depreciation on the truck prior to recording its disposal.) December 31, 2017 Recorded depreciation on the storage shed; determined that the potent was impaired and wrote off its remaining book value. (1.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 at entry required" in the first account field.) View transaction list View journal entry worksheet Debit 97 0 Paid $97,400 cash to purchase storage shed components. Paid $5,600 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $10,000. 56 4460 Paid $44,600 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 $8,600. 310 Paid $310 cash for repairs to the pickup truck. 20,600 Paid $20,600 cash to purchase patent rights on a new paper bag manufacturing process; patent is estimated to have a remaining useful life of five years. Note : 26,000 2,060 journal entry has been entered Amortization expense Accumulated depreciation-Bldg Accumulated depreciation-Truck Arrimulated amortization uansaction list View joumai entry worksheet eBook X Print 5 References Paid $20,600 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. Record the depreciation on the truck at the time of disposal. & Sold the pickup truck for $38,700 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). Note : - journal entry has been entered Amortization expense Accumulated depreciation-Bldg Accumulated depreciation-Truck Arrimtaramari