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use a straight line depreciation assume that jan 2 and 3 happened on jan 1 so that depreciation is for a full month The following

use a straight line depreciation

assume that jan 2 and 3 happened on jan 1 so that depreciation is for a full monthimage text in transcribedimage text in transcribed

The following transactions 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. 2020 January 2 Paid $95.000 cash to purchase storage shed components. January 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $10,000. April 1 Paid $38,000 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 $8,000. May 13 July 1 Paid $250 cash for minor repairs to the pickup truck's upholstery. Paid $20,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a remaining useful life of five years. December Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 31 2021 June 30 Sold the pickup truck for $33,000 cash. (Record the depreciation on the truck prior to recording its disposal.) December Recorded depreciation on the storage shed. Recorded the patent amortization. After recording 31 the patent amortization, determined that the patent was impaired and wrote off its remaining book value (i.e., wrote down the book value to zero). Required: Give the journal entries required on each of the above dates

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