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Hello, I need help figuring this one out. Its been an hour now. Thank you so much. Togo's Sandwich Shop had the following longterm asset

Hello, I need help figuring this one out. Its been an hour now. Thank you so much.

image text in transcribed Togo's Sandwich Shop had the following longterm asset balances as of January 1, 2021: .mlate'd cast uep'reiion 'Bbolt Value Land 3 85,000 $ 85,000 Building 560,000 $:201,600} 353,500 Equipment 145,000 (30,000} 115,000 Patent 125,000 :50,000} 75,000 Togo's purchased all the assets at the beginning of 2019 (3 years ago}. The building is depreciated over a 10year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a nineyear useful lite using the straightline method with an estimated residual value of $10,000. The patent is estimated to have a veyear service life with no residual value and is amortized using the straightline method. Depreciation and amortization have been recorded for 2019I 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 transactiom'event, select "No Journal Entry Required'I in the rst account eld.) View transaction list Journal entry worksheet Record the depreciation on the building. Note: Enter debits before cred its Depreciation Expense Accumulated Depreciation

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