Required information [The following information applies to the questions displayed below.) Solich Sandwich Shop had the following long-term asset balances as of December 31, 2018: Accumulated Cost Depreciation Book Value Land $ 85,000 $ 85,000 Building 450,000 $(85,500) 364,500 Equipment 250,000 (48,000) 202,000 Patent 200,000 (80,000) 120,000 Solich purchased all the assets at the beginning of 2016 3 years ago). 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 useful life using the straight-line method with an estimated residual value of $10,000. 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 2016 and 2017. Required: 1. For the year ended December 31, 2018, 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 the depreciation on the building. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet 2 Record the depreciation on the equipment. Note: Enter debits before credits. Transaction General Journal 2 Debit Credit Record entry View general journal Clear entry 3. Calculate the book value for each of the four long-term assets at December 31, 2018 SOLICH SANDWICH SHOP December 31, 2018 Book value Land Building Equipment Patent