Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (L0744,7-5) The following information applies to the questions displayed below) Solich Sandwich Shop had the following long term asset balances as of December 31, 2018 Cost Accumulated Deprecation Building Equipment Patent S 95.000 460,000 235.000 250.000 $165.000) 50.000) 100.000) Book Value $95.000 2944400 185.000 150,000 Solich purchased all the assets at the beginning of 2016 (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 deprecated over a nine year useful le 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 straighine method Depreciation and amortization have been recorded for 2016 and 2017 References Section Break Problem 7-A Compte deprecation Amortization, and book value of long term Problem 7-7A Part 1 Required: 1. For the year ended December 31, 2018, record depreciation expense for buildings and equipment Land is not depreciated. (If nog entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Depreciation expense Accumulated depreciation 2 Depreciation expense Accumulated depreciation Problem 7-7A Part 2 2. For the year ended December 31, 2018, record amortization expense for the patent (if no entry is required for a transactionevent, selo field.) View transaction list View journal entry worksheet Transaction General Journal No 1 Debit Credit Amortization expense Patents Problem 7-7A Part 3 3. Calculate the book value for each of the four long-term assets at December 31, 2018. SOLICH SANDWICH SHOP December 31, 2018 Book value Land Building Equipment Patent