Hero's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Cost Accumulated Depreciation Book Value Land $65,000 0 $65,000 Building 540,000 $(102,600) 437,400 Equipment 114,000 (26,000) 88,000 Patent 75,000 (30,000) 45,000 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 $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 2022 and 2023 (first two years). Required: 1. For the year ended December 31, 2024 (third year), 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.)