Hero Sandwich Shop had the following long-term asset balances as of January 1, 2024: - Hero purchased all the assets at the beginning of 2022 . - The building is depreciated over a 20-year service life using the double-decining-balance method and estimating no residual value. - The equipment is depreciated over a 8-year service life using the straight-IIne method with an estimated residual value of $11,000. - 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 Requlred: 1. For the year ended December 31, 2024 (third year), record depreciation expense for bulldings and equipment. Land is not depreciated. (If no entry Is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) Answer is comnlete hut not entirelv correct