8 Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Accumulated Depreciation Part 1 of 3 Land Building Equipment Patent Cost $ 75,000 440,000 194,000 150,000 $(83,600) (46,000) (60,000) Book Value $ 75,000 356,400 148,000 90,000 0.33 points Solich purchased all the assets at the beginning of 2019 (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 8- 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. eBook Print 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.) References View transaction list Journal entry worksheet 1 2 > Record the depreciation on the equipment. Journal entry worksheet 1 2 > Record the depreciation on the equipment. Note: Enter debits before credits. Debit Credit Transaction 2 General Journal Depreciation Expense Accumulated Depreciation Record entry Clear entry View general journal