Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (LO7-4, 7-5)

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: Accumulated Depreciation Land Building Equipment Patent Cost $ 80,000 445,000 245,000 175,000 $(84,550) (47,000) (70,000) Book Value $ 80,000 360, 450 198,000 105,000 Solich 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 10- year useful life using the straight-line method with an estimated residual value of $10,000. 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. 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.) View transaction list Journal entry worksheet Record the depreciation on the building. Note: Enter debits before credits. Journal entry worksheet Record the depreciation on the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general iournal Problem 7-7A Part 2 2. For the year ended December 31, 2021, record amortization expense for the patent. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet affolter A1016WDC intitled dorul dory Problem 7-7A Part 3 3. Calculate the book value for each of the four long-term assets at December 31, 2021. SOLICH SANDWICH SHOP December 31, 2021 Book value Land Building Equipment Patent