Required information [The following information applies to the questions displayed below.] Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Cost $88,000 Accumulated Depreciation Book Value 0 $88,000 453,000 $(86,070) 366,930 Equipment Patent 256,000 (48,600) 207,400 215,000 (86,000) 129,000 Stevens 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 10-year service life using the straight-line method with an estimated residual value of $13,000. 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). 3. Calculate the book value for each of the four long-term assets at December 31, 2024. Land Building STEVENS SANDWICH SHOP December 31, 2024 Equipment Patent Book value $ 88,000 86,000