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Cheesesteak Sandwich Shop had the following long$-$term asset balances as of January $1,2024$:

Cheesesteak purchased all the assets at the beginning of $2022.$

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 service 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 $2022$ and $2023($first two years$).$

Required:

For the year ended December $31,2024($third year$),$ determine the financial statement effects of the depreciation of buildings and

equipment. Land is not depreciated.

Complete this question by entering your answers in the tabs below.

Determine the financial statement effects of the depreciation of the building.

Note: Amounts to be deducted should be indicated by a minus sign.