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 Cost $66,000 Accumulated Depreciation Book Value e $66,000 Equipment Patent 541,000 131,900 77,500 $(194,760) (26,200) (31,000) 346,240 105,700 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). 2. For the year ended December 31, 2024, record amortization expense for the patent. (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 Record amortization of the patent. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal