Paper-packing company help needed for journal entries!!! The following...

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Accounting

Paper-packing company help needed for journal entries!!!
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The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining balance depreciation for buildings, and straight-line amortization for patents. ed 2018 January 2 Paid $91,000 cash to purchase storage shed components. January 3 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $5,000. April 1 Paid $34,000 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 $3.000. May 13 Paid $600 cash for minor repairs to the pickup truck's upholstery. July 1 Paid $24,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have remaining useful life of five years. December 31 Recorded depreciation and amortization on the pickup truck, storage shed, and patent. 2019 June 30 Sold the pickup truck for $29,000 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 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 Journal Entry Required in the first account field. Do not round intermediate calculations.) o pin a ipa Pie PG December 31, 201 Depreciation Expense 18,600 6 18,600 x Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Amortization x x 3,100 June 30, 2019 Cash Accumulated Depreciation-Equipment 3,100 29,000 June 30, 2019 Cash Loss on Disposal Accumulated Depreciation Equipment Equipment 12,750 7,750 34,000 BE14.880 December 31, 201 Depreciation Expense Accumulated Depreciation Buildings 14,880

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