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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.
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 DepreciationStep by Step Solution
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