Hero's Sandwich Shop had the following long$-$term asset balances as of January $1,2024$:

Cost Accumulated Depreciation Book Value

Land $$74,0000$ $$74,000$

Building $549,000$ $$(104,310)444,690$

Equipment $122,200(27,800)94,400$

Patent $97,500(39,000)58,500$

Additional information:

Hero's 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 useful life using the straight$-$line method with an estimated residual value of $$11,000.$

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 $2022$ and $2023($first two years$).$