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 Le cumulated Depreciation Land Building Equipment Patent Cost $ 80.000 445,000 245.000 195.000 S14, 830 147.000 10.0001 Book Value $ 30.000 360.459 190.000 105.000 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 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 flrst account field.) View transaction list 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 Le cumulated Depreciation Land Building Equipment Patent Cost $ 80.000 445,000 245.000 195.000 S14, 830 147.000 10.0001 Book Value $ 30.000 360.459 190.000 105.000 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 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 flrst account field.) View transaction list