Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1, 2024: Accumulated Depreciation Land Building Equipment Patent Cost $93,000 458,000 211,400 240,000 0 Problem 7-7A (Algo) Part 1 $(87,020) (49,600) (96,000) Book Value $93,000 370,980 161,800 144,000 Cheesesteak purchased all the assets at the beginning of 2022. 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 service life using the straight-line method with an estimated residual value of $13,000. 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.)

- Cheesesteak purchased all the assets at the beginning of 2022 . - 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 service life using the straight-line method with an estimated residual value of $13,000. - 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). Problem 7-7A (Algo) Part 1 Required: For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment. Land is not lepreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first occount field.)