Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 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.January 2, 2020 Paid $88,000 cash to purchase storage shed components.January 3, 2020 Paid $4,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 yearsand a residual value of $7,000.April 1, 2020May 13, 2020July 1, 2020December 31, 2020June 30, 2021December 31, 2021Paid $31,000 cash to purchase a pickup truck for use in the business. The truck has an estimateduseful life of five years and a residual value of $5,000. This vehicle is to be recorded in the Truckaccount.Paid $300 cash for minor repairs to the pickup truck's upholstery.Paid $27,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent isestimated to have a remaining useful life of five years.Recorded depreciation and amortization on the pickup truck, storage shed, and patent.Sold the pickup truck for $26,000 cash. (Record the depreciation on the truck prior to recording itsdisposal.)Recorded depreciation on the storage shed. Recorded the patent amortization. After recording thepatent amortization, determined that the patent was impaired and wrote off its remaining book 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.)1View transaction listJournal entry worksheet2Note: Enter debits before credits.DateJanuary 02, 20204Record entry56Record the purchase of storage shed components for $88,000.General JournalClear entry78*****Debit12CreditView general journal>

Name: Note:-Do not provide handwritten solution. Maintain accuracy and quali
Uploaded: 2024-03-05T11:50:36.000Z
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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The following transactions and adjusting entries were completed by a paper-packaging com