Pls complete journal entry 7-12! Thanks 8pickup truck, storage shed and patent for the year.Record the depreciation for the truck up to the date ofsale.Record the sale of the truck for $31,000 cash.9 Record the depreciation on the storage shed for the year.10 Record the Patent Amortization expense for the full year.Record the reversal of the accumulated amortization ofpatents.12 Record any impairment loss incurred on the patent.= journal entry has been enteredNote :Record entryClear entryEX12CrediView general Ephy, discussion X 11 Chapter 9 Home XQuestion 10 - Ch. X D2L Module Twelve: P X Estudy guide - Go Xhttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducati... AmeworkSavedBiomedical Treatr XHelpJanuary 2, 2020 Paid $93,000 cash to purchase storage shed components.January 3, 2020April 1, 2020May 13, 2020July 1, 2020December 31, 2020Save & Exit SCheck my wPA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9-2, LO 9-3, LO 9-4, LO 9-5, LO 9-6]The following transactions and adjusting entries were completed by a paper-packaging company called Gravure GraphicsInternational. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation forbuildings, and straight-line amortization for patents.Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and aresidual value of $7,000.Paid $36,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life offive years and a residual value of $5,000. This vehicle is to be recorded in the Truck account.Paid $400 cash for minor repairs to the pickup truck's upholstery.Paid $22,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated tohave a remaining useful life of five years.Recorded depreciation and amortization on the pickup truck, storage shed, and patent.June 30, 2021 Sold the pickup truck for $31,000 cash. (Record the depreciation on the truck prior to recording its disposal.)December 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After recording the patentamortization, determined that the patent was impaired and wrote off its remaining book value (i.e., wrote downthe 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 JournalEntry Required" in the first account field. Do not round intermediate calculations.)

Intangible assets are capitalized to asset account as like fixed assets. this allocated cost is…

9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9- LO 9-3, LO 9-4, LO 9-5, LO 9-6] e following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics ernational. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for Idings, and straight-line amortization for patents. anuary 2, 2020 Paid $93,000 cash to purchase storage shed components. anuary 3, 2020 Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $7,000. April 1, 2020 May 13, 2020 July 1, 2020 cember 31, 2020 Paid $36,000 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 $5,000. This vehicle is to be recorded in the Truck account. Paid $400 cash for minor repairs to the pickup truck's upholstery. Paid $22,000 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. Recorded depreciation and amortization on the pickup truck, storage shed, and patent. June 30, 2021 Sold the pickup truck for $31,000 cash. (Record the depreciation on the truck prior to recording its disposal.) cember 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortization. After recording 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). equired: epare the journale

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q