Problem 7-7A (Algo) Compute depreciation, amortization, and book value of long-term assets (LO7-4, 7. 5) [The following information applies to the questions displayed below] Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024: - Stevens purchased all the assets at the beginning of 2022. - 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 service life using the straight-line method with an estimated residual value of $11,000 - 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). Problem 7-7A (Algo) Part 2 2. For the year ended December 31, 2024, record amortization expense for the patent. (If no entry is required for a transaction/ev select "No Journal Entry Required" in the first account field.) Required information Problem 7.7A (Algo) Compute depreciation, amortization, and book value of long-term assets (LO7-4, 7. 5) [The following information applies to the questions displayed below] Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024: - Stevens purchased all the assets at the beginning of 2022 - 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 service life using the straight-line method with an estimated residual value of $11,000 - 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). Problem 7.7A (Algo) Part 1 Required: 1. For the year ended December 31, 2024 (third year). record depreciation expense for buildings and equipment. Land is not depreciated. (If no entry is required for a tronsoction/event, select "No Journol Entry Required" in the first account field.)