Required Information [The following information applies to the questions displayed below.) Stevens's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent Accumulated Cost Depreciation Book Value $66,000 $66,000 541,000 $(194,760) 346,240 131,900 (26,200) 105,700 77,500 (31,000) 46,500 Additional information:. . Stevens's 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 9-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 building. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Clear entry Record entry 1 art 1 of 3 00:28:03 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 1 20 Record depreciation of the equipment. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general Journal