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Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1, 2024: - Cheesesteak purchased all the assets at the beginning of 2022.

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Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1, 2024: - Cheesesteak purchased all the assets at the beginning of 2022. - The building is depreciated over a 20-year service life using the doubledeclining-balance method and estimating no residual value. - The equipment is depreciated over a 10-year service life using the straightline 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). Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Note: Enter debits before credits. 3. Calculate the book value for each of the four long-term assets at December 31,2024

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