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: Land Building Equipment Patent Cost $ 82,000 447,000 226,300 185,000 Accumulated Depreciation $(160,920) (47,400) 174,000) Book Value $ 82,000 286,080 178,900 111,000 Solich purchased all the assets at the beginning of 2019 (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 depreciated over a 9-year useful life using the straight-line method with an estimated residual value of $13,000. 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. Problem 7-7A Part 1 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.) No Transaction General Journal Debit Credit 1 1 28,600 X Depreciation Expense Accumulated Depreciation 28,600 X 2 2 225,000 Depreciation Expense Accumulated Depreciation 225,000 X