Mc Graw Hill 2:54 PM Fri May 19 ezto.mheducation.com R & C 25% ezto-el-media.mhedu... O Chapter 7 Homework Question 22 - Chapte... Class Soiceland, Fina... McGraw-Hill Connect Chapter 7: Homework Help Save & Exit Submit 22 You skipped this question in the previous attempt 10 Check my work Part 3 of 3 131 points Required information Problem 7-7A (Algo) Compute depreciation, amortization, and book value of long- term assets (LO7-4, 7-5) [The following information applies to the questions displayed below] Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1, 2024: 10 m Print flook References Land Building Cost $87,000 Accumulated Depreciation Book Value $87,000 452,000 $(85,880) 366,120 Equipment Patent 205,600 (48,408) 157,200 210,000 (84,000) 126,000 Cheesesteak 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 service life using the straight-line method with an estimated residual value of $12,000 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 3 3. Calculate the book value for each of the four long-term assets at December 31, 2024. CHEESESTEAK SANDWICH SHOP Land Building Equipment Patent December 31, 2024 Book value < Prev 82 22 of 27 Next >