Required information [The following information applies to the questions displayed below.) Hero's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent Cost $71,000 546,000 122,800 90,000 Accumulated Depreciation @ $(103,740) (27, 200) (36,000) Book Value $71,000 442,260 95,600 54,000 Additional information: Hero's 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 useful life using the straight-line method with an estimated residual value of $14,000. 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: 1. For the year ended December 31, 2024 (third year), 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 first account field.) View transaction list Journal entry worksheet 2 . Record depreciation of the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Required: 1. For the year ended December 31, 2024 (third year), 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 first account field.) View transaction list Journal entry worksheet 2 > Record depreciation of the building. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Claram