Part 3 of 3 10 points 02:17:06 Skipped Print eferences Required information [The following information applies to the questions displayed below] Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1, 2024 Cost Accumulated Depreciation Book Value Land $80,000 0 $50,000 Building 445,000 $(84,550) 360,450 Equipment 245,000 (47,000) 198,000 Patent 175,000 (70,000) 105,000 . 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 10-year service life using the straight-line method with an estimated residual value of $10,000 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) D