! Required information Problem 7-7A Compute depreciation, amortization, and book value of long- term assets (LO7-4, 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 $ 87,000 452,000 205,600 210,000 $(85,880) (48,400) (84,000) Book Value $ 87,000 366, 120 157,200 126,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building 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 $12,000. 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. 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 Record the amortization on the patent. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 ro