P7-7A Solich Sandwich Shop had the following long-term asset balances as of December 31, 2018: Accumulated Depreciation Book Value Cost Land $ 95,000 $95,000 Building 460,000 $(165,600) 294,400 Equipment 235,000 (50,000) 185,000 Patent 250,000 (100,000) 150,000 Solich purchased all the assets at the beginning of 2016 (3 years ago). The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a nine-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 2016 and 2017. Required: For the year ended December 31, 2018, record depreciation expense for 1. buildings and equipment. Land is not depreciated. For the year ended December 31, 2018, record amortization expense for the 2. patent. Calculate the book value for each of the four long-term assets at December 31, 3. 2018.