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please help. also, pls double check work since i can only submit it once Required information Problem 7-7A Compute depreciation, amortization, and book value of
please help. also, pls double check work since i can only submit it once Required information Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (L07-4, 7-5) [The following information applies to the questions displayed below) Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Land Building Equipment Patent Cost $ 81,000 446,000 202,800 180,000 Accumulated Depreciation $(84,748) (47,200) (72,000) Book Value $ 81,000 361,260 155,600 108,000 Sollich purchased all the assets at the beginning of 2019 (3 years ago). 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 $14,000. 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 7-7A Part 1 Required: 1. For the year ended December 31, 2021, 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.) Journal entry worksheet Record the depreciation on the building. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet
please help. also, pls double check work since i can only submit it once
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