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e following transactions and adjusting entries were completed by a paper-packaging company called Gravure Grap International during 2018 and 2019. The company uses straight-line depreciationor trucks and declining-balance depreciation for buildings, and straight-line amortization for patents 2018 January 2 Paid $93,000 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 residual value of $7,000. useful life of five years and a residual value of 5, estimated to have a remaining useful life of five yeara. April 1 Paid 36,000 cash to purchase a pickup truck for use in the business. The t May 13 Paid $400 cash for minor repairs to the piekup truek'a upholstery July 1 Paid $22,000 cash to purchase patent rights on a new paper bag manuf December 31 Recorded depreciation and amortization on the pickup truck, storage shed, a nd patent 2019 0 Sold the piekup truck for $31,000 cash. (Record the depreciation on the truck prior to recording ita disposal. off its remaining book value (i.e., wrote down the book value to zero December 31 Recorded depreciation on the storage shed. Also dete rmined that the patent vas inpaired and vrote Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list

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