Question: i got few wrong can someone please help me with correct answers The following transactions and adjusting entries were completed by a paper-packaging company called

 i got few wrong can someone please help me with correct
answers The following transactions and adjusting entries were completed by a paper-packaging
company called Gravure Graphics International during 2018 and 2019. The company uses
i got few wrong can someone please help me with correct answers

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 2018 January 2 Paid $99,000 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 $45,000 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 $900 cash for minor repairs to the pickup truck's upholstery. July 1 Paid $16,000 cash to purchase patent rights on a new paper bag manufacturing process. The patent is estimated to have a 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 $38,000 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 refining book value (1.0, 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 fleld. Do not round Intermediate calculations.) Answer is not complete. NO Date General Journal Credit Debit 99.000 3 1 January 02, 2018 Building Cash 99,000 2 2,000 January 03, 2018 Building Cash 2,000 3 April 01. 2018 Equipment Cash 45,000 45,000 4 May 13, 2018 900 Repairs and Maintenance Expense Cash 900 5 July 01, 2018 Patent 16,000 Cash 16.000 6 9,600 % 1.600 December 31, 201 Depreciation Expense Amortization Expense Accumulated Depreciation-Equipment Accumulated Depreciation-Buildings Accumulated Amortization 6,300 9,600 xls > 1,600 7 June 30, 2019 4,200 Depreciation Expense Accumulated Depreciation Equipment 4.200 8 June 30, 2019 38.000 10.500 Cash Accumulated Depreciation-Equipment Equipment Gain on Disposal OOOO 34.500 $ 3.500 e 9.000 December 31, 201 Depreciation Expense Accumulated Depreciation-Buildings > > 0.800 Accumulated vepreciation Equipment Accumulated Depreciation Buildings Accumulated Amortization 0,300 9,600 X 1,600 7 June 30, 2019 4,200 Depreciation Expense Accumulated Depreciation-Equipment 4,200 8 June 30, 2019 38,000 10.500 Cash Accumulated Depreciation Equipment Equipment Gain on Disposal 34,500 xls 3,500 9 9,600 December 31, 201 Depreciation Expense Accumulated Depreciation-Buildings 9,600 10 14.400 December 31, 201 Impairment Loss Accumulated Amortization Patent 1.600 16,000 > 11 December 31, 201 No Journal Entry Required 12 December 31, 201 No Journal Entry Required X

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