Required information [The following information applies to the questions displayed below] Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1, 2024: Cost Accumulated Depreciation Book Value Land Building Equipment $80,000 0 $80,000 445,000 $(84,550) 360,450 245,000 (47,000) 198,000 Patent 175,000 (70,000) 105,000 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 10-year service life using the straight-line method with an estimated residual value of $10,000. 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) 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.) 9 < Prev