1.

Solich Sandwich Shop had the following long-term asset balances as of December 31, 2015 Solich purchased all the assets at the beginning of 2013 (3 years ago) the building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value the equipment is depreciated over a 10-year useful life using the straight-line method with an estimated residual value of $10,000 the patent is estimated to have a five-year service life with no residual value and is amortized using the straight-line method For the year ended December 31, 2015, record depreciation expense for buildings and equipment Land is not depreciated (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)