Accumulated Depreciation Land Building Equipment Patent Cost $ 81,000 446,000 202,800 180,000 $(84,740) (47,200) (72,000) Book Value $ 81,000 361, 260 155,600 108,000 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 $14,000. 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.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 44,600 X Depreciation Expense Accumulated Depreciation OO 44,600 X 2 2 23,600 Depreciation Expense Accumulated Depreciation 23,600