The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics Internationalduring 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balancedepreciation for buildings, and straight-line amortization for patents.2018January 2 Paid $94,000 cash to purchase storage shed components.January 3 Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residualvalue of $7,000.April 1 Paid $37,000 cash to purchase a pickup truck for use in the business. The truck has an estimated useful life of fiveyears and a residual value of $5,000.May 13 Paid $300 cash for minor repairs to the pickup truck's upholstery.July 1 Paid $21,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have aremaining useful life of five years.December 31 Recorded depreciation and amortization on the pickup truck, storage shed, and patent.2019June 30 Sold the pickup truck for $31,000 cash. (Record the depreciation on the truck prior to recording its disposal.)December 31 Recorded depreciation on the storage shed. Also determined that the patent was impaired and wrote off its remainingbook value (i.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 a transaction/event, select "No JournalEntry Required" in the first account field. Do not round intermediate calculations.)

Calculation of the depreciation on storage Shed Cost of the storage shed Purchase price of the…

Required: 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.)

Required: 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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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