The following transactlons and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. 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, 2820 Paid 585,000 cash to parchase storage shed cosponents. January 3, 2020 Paid $5,000 cash to have the storage shed erected. The storage shed has an estinated life of 10 years and a Apri1 1, 2020 Paid 541,609 cash to purchase a pickup truck for use in the business. The truck has an estimated useful 1ife of five years and a residual value of $6,000. This vehicle is to be recorded in the Truck account. May 13, 2020 Paid 5600 cash for minor repairs to the pickup truck's upholstery. July 1, 2020 paid $30,00 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a remoining useful life of five years. December 31 , 2020 Apsorded depreciation and anortization on the pickup truck, storage shed, and patent. June 3e, 2021 Sold the pickup truck for 535,060 cash. (Record the depreciation on the truck peior to recording its disposal.) Decenber 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After reconding the patent amortization, determined that the patent was impaired and wrote off its renaining book value (i.e., wrote down the book value to zero). Rectuired: 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. Do not round intermediate calculations.) Record the purchase of storage shed components for $85,000. Record the payment of $5,000 to have the storage shed erected. Record the putrthase of a pickup truck for $41,000. Record the repairs of $600 to the pickup truck. Record the purchase of a patent for $30,000 on a new paper bag manufacturing process. Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year. pickup truck, storage shed and patent for the year. Record the depreciation for the truck up to the date of sale. 8 Record the sale of the truck for $35,000 cash. 9 Record the depreciation on the storage shed for the year. 10 Record the Patent Amortization expense for the full year. 11 Record the reversal of the accumulated amortization of patents. 12 Record any impairment loss incurred on the patent. Note : = journal entry has been entered