Required information - [The following information applies to the questions displayed below] Solich Sandwich Shop had the following long-term asset balances as of January 1, 2024: 1 Accumulated Cest Depreciation Book Value Land $95,000 $95,000 Building 460,000 $(165,600) 294,400 Equipment 235,000 (50,000) 185,000 Patent 250,000 (100,000) 150,000 Solich purchased all the assets at the beginning of 2022. 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 nine year service life using the straight-line method with an estimated residual value of $10,000. The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-line method. Depreciation and amortization have been recorded for 2022 and 2023 (first two years). 2. For the year ended December 31, 2024, 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 2 # 3 $ 4 % < Prev 7 of 10 Next > Q Search A- Typ & 5 6 7 90 00 6 O W E R T Y U P S D F G H J K L 2. For the year ended December 31, 2024, record amortization expense for the patent. (If no entry is require select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record amortization of the patent. Note: Enter debits before credits. Transaction 1 @ 2 General Journal Debit Credit Record entry Clear entry tt 3 $ 4 View general journal < Prev 6 7 of 10 Next > Q Search % LO 5 CO 6 ly B 90 100 7 8