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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.

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Equipment

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

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