5 Solich Sandwich Shop had the following long-term asset balances as of January 1, 2024 Part 1 of 3 Land Building Equipment Patent Cost $95,000 Accumulated Depreciation Book Value 0 $95,000 460,000 $(165,600) 294,400 235,000 250,000 (50,000) (100,000) 185,000 150,000 Skipped eBook Solich purchased all the assets at the beginning of 2022. The building is depreciated over a 10-year service life using the double-declining-balance method and estimating not residual value. The equipment is depreciated over a nine-year service life using the straight-line method with an estimated residual value of $10,000. The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2022 and 2023 (first two years). Required: 1. For the year ended December 31, 2024 (third year), 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.) View transaction list Journal entry worksheet 2 Required: 1. For the year ended December 31, 2024 (third year), record depreciation expense for buildings and depreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in View transaction list Journal entry worksheet < 1 2 Record depreciation of the building.. Note: Enter debits before credits. Transaction 1 G 2 General Journal Debit Credit #t 3 S 4 < Prev 5 6 7 of 10 Q Search ly 4 % 5 6 21 8 7 8 Required: 1. For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment depreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first ace View transaction list Journal entry worksheet < 1 20 Record depreciation of the equipment. Note: Enter debits before credits Transaction 2 @ 2 General Journal Debit Credit * # # 3 $ 4 < Prev 5 6 7 of 10 Next > Q Search Jo & 5 10 6 7 90 " 140 8