Required information [The following information applies to the questions displayed below.] Cheesesteak's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Cost $83,000 Accumulated Depreciation Book Value 0 $83,000 558,000 $(106,020) 451,980 Equipment Patent 131,400 120,000 (29,600) (48,000) 101,800 72,000 Additional information: Cheesesteak'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 $13,000. 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.)