$!$The following tronsoctions and adjusting entries were completed by o paper$-$pocksging compony called Grovure Grophics International. The company uges straight$-$line depreciation for trucks and other vehicles, double$-$declining$-$balance deprecistion for buildings, snd straight$-$line smortization for patents.

January $2,2020$ Paid $$102,$ eee cash to purchase storage shed conponents.

January $3,2020$ paid $$4,$ eee cash to have the storage shed erected. The storage shed has an estimated life of $10$ years and a residual value of $$7,$ eee.

April $1,2020$ Paid $$48,$ eae cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of five years and a residual value of $$5,009.$ This vehicle is to be recorded in the Truck account.

May $13,2020$ Paid $$6$ea cash for ninor repairs to the pickup truck's upholstery.

July $1,2020$ Paid $$13,$ eoe cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a nenaining uscful life of five years.

Decerber $31,2020$ Recorded depreciation and amortization on the pickup truck, storage shed, and patent.

Junc $30,2021$ Sold the pickup truck for $$41,$ eee cash. $($Record the depreciation on the truck prior to recording its disposal.$)$ Decerber $31,2821$ Recorded depreciation on the storage shed. Recorded the patent arortization. After recording the patent anortization, deternined that the patent was impaired and wrote off its remaining book value $($i$.$e$.,$ urote down the book value to zero$).$

Required:

Prepore the journal entries required on each of the obove 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.$)$

$\backslash$table$[[$No$,$Date,General Journal,Deblt,Credit$],[1,$January $02,2020,$Buildings,$102,000,],[,0,,102,000\frac{O}{?}$

Required information

$[$The following information applies to the questions displayed below.$]$

Precision Construction entered into the following transactions during a recent year.

January $2$ Purchased a bulldozer for $$272,000$ by paying $$31,000$ cash and signing a $$241,000$ note due in five years.

January $3$ Replaced the steel tracks on the bulldozer at a cost of $$31,000,$ purchased on account. The new steel tracks

increase the bulldozer's operating efficiency.

January $30$ wrote a check for the amount owed on account for the work completed on January $3.$

February $1$ Repaired the leather seat on the bulldozer and wrote a check for the full $$1,900$ cost$.$

March $1$ Paid $$10,200$ cash for the rights to use computer software for a two$-$year period.

$1-$b$.$ Prepare the journal entries for each of the above transactions.

For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and

amortization, if any, that Precision Construction should report for the quarter ended March $31.$ The equipment is depreciated using

the double$-$declining$-$balance method with a useful life of five years and $$51,000$ residual value. The licensing right is amortized

using the straight$-$line method with a useful life of two years and no residual value.

Prepare a journal entry to record he depreciation and amortization, if any, calculated in requirement $2.$

Complete this question by entering your answers in the tabs below.

For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and

amortization, if any, that Precision Construction should report for the quarter ended March $31.$ The equipment is depreciated

using the double$-$declining$-$balance method with a useful life of five years and $$51,000$ residual value. The licensing right is

amortized using the straight$-$line method with a useful life of two years and no residual value. $($Do not round intermediate

calculations.$)$