Vertex Graphics & Packaging

The following transactions and adjusting entries were completed by Vertex Graphics & Packaging, a paper-packaging company. 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, 2022
Paid $96,600 cash to purchase storage shed components.

January 3, 2022
Paid $5,400 cash to have the storage shed erected; storage shed has an estimated life of ten years and a residual value of $11,000.

April 1, 2022
Paid $42,400 cash to purchase a pickup truck for use in the business; truck has an estimated useful life of five years and a residual value of $8,400.

May 13, 2022
Paid $290 cash for repairs to the pickup truck.

July 1, 2022
Paid $20,400 cash to purchase patent rights on a new paper bag manufacturing process; patent is estimated to have a remaining useful life of five years.

December 31, 2022
Recorded depreciation and amortization on the pickup truck, storage shed, and patent.

June 30, 2023
Sold the pickup truck for $36,800 cash. (Record the depreciation on the truck prior to recording its disposal.)

December 31, 2023
Recorded depreciation on the storage shed; 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.)