Problem 7-7A (Algo) Compute depreciation, amortization, and book value of long-term assets (LO7-4, 75) [The following information applies to the questions displayed below-] Hero Sandwich Shop had the following long-term asset balances as of January 1, 2024: - Hero purchased all the assets at the beginning of 2022 . - The building is depreclated 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 service life using the straight-line method with an estimated residual value of $14,000. - 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 amortizetion have been recorded for 2022 and 2023 (first two years). roblem 7-7A (Algo) Part 1 quired: For the year ended December 31, 2024 (third year), record depreciation expense for buildings and equipment. Land is not epreciated. (Ir no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet