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 $ 90,000 455,000 206,000 225,000 Accumulated Depreciation $(86,450) (49,000) (90,000) Book Value $ 90,000 368,550 157,000 135,000 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 8-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 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 1 Record the amortization on the patent. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 mework a Saved Help Depreciation Land Building Equipment Patent LUN $ 90,000 455,000 206,000 225,000 $(86,450) (49,000) (90,000) BOUK Value $ 90,000 368,550 157,000 135,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 20-y 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 $10,000 patent is estimated to have a five-year service life with no residual value and is amortized using the straight-lin method. Depreciation and amortization have been recorded for 2019 and 2020. 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