Accumulated Depreciation Land Building Equipment Patent Cost $ 95,000 460,000 235,000 250,000 $(165,600) (50,000) (100,000) Book Value $ 95,000 294,400 185,000 150,000 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. Problem 7-7A Part 1 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.) View transaction list Journal entry worksheet 1 2 Record the depreciation on the building. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Depreciation Expense Record entry Clear entry View general Journal