4 Required information (The following information applies to the questions displayed below) Part 1 of 3 Saints Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Cost Depreciation Book Value Land $ 95,000 $ 95,000 Building 460,000 $(165,680) 294,400 Equipment 235,000 (50,000) 185,000 Patent 250,000 (100,000) 150,000 Book Print References Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 10-year service life using the double-declining balance method and estimating no residual value. The equipment is depreciated over a nine-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. Depreciation and amortization have been recorded for 2019 and 2020 Required: 1. For the year ended December 31, 2021, 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.)