Help Save & E The following information applies to the questions displayed below.) Submit Check my work Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021 1 of 3 Land Building Equipment Patent cost $ 90,000 455,000 206,000 225,000 Accumulated Depreciation $(86,450) (49,000) (90,000) Book Value $ 90,000 368,550 157,000 135,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). 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 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