Pls do journal entry 1-6! Thanks Biomedical Treatr Xtps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducati... AeworkSavedPA9-4 (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]June 30, 2021December 31, 2021The 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.December 31, 2020 Recorded depreciation and amortization on the pickup truck, storage shed, and patent.January 2, 2020 Paid $93,000 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 years and aresidual value of $7,000.April 1, 2020eful life ofMay 13, 2020July 1, 2020HelpPaid $36,000 cash to purchase a pickup truck for use in the business. The truck has an estimatedfive 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.< PrevSave & Exit SLCheck my wSold the pickup truck for $31,000 cash. (Record the depreciation on the truck prior to recording its disposal.)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).10 of 11Required: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.)wwwNext >a View transaction list1 Record the purchase of storage shed components for$93,000.2 Record the payment of $4,000 to have the storage shederected.3456Record the purchase of a pickup truck for $36,000.Record the repairs of $400 to the pickup truck.Record the purchase of a patent for $22,000 on a newpaper bag manufacturing process.Record the depreciation and amortization expense on thepickup truck, storage shed and patent for the year.journal entry has been enteredNote :Record entryClear entryX12CreditView general journalV

Journal entry is the primary step to record the transaction in the books of accounts. Depreciation…

The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. January 2, 2020 Paid $93,000 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 years and a residual value of $7,000. April 1, 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. May 13, 2020 July 1, 2020 Paid $22,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to I have a remaining useful life of five years. December 31, 2020 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 patent 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 Journal Entry Required" in the first account field. Do not round intermediate calculations.)

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 8RE