! Part 3 of 3 Required information Problem 7-7B Compute depreciation, amortization, and book value of long-term assets (LO7-4, 7-5) [The following information applies to the questions displayed below.) 10 points Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated Depreciation eBook Land Building Equipment Patent Cost $ 72,000 547,000 136,300 92,500 $(196,920) (27,400) (37,000) Book Value $ 72,000 350,080 108,900 55,500 Print References Togo's purchased all the assets at the beginning of 2019 (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 9-year useful life using the straight-line method with an estimated residual value of $13,000. 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 2019 and 2020. Problem 7-7B Part 3 3. Calculate the book value for each of the four long-term assets at December 31, 2021. TOGO'S SANDWICH SHOP December 31, 2021 Book Value Land $ 72,000 280,064 Building Equipment Patent