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Required Information [The following information applies to the questions displayed below.) Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021:
Required Information [The following information applies to the questions displayed below.) Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 79, eee 545, eee 145, eee 87,589 $(183,550) (27,eee) (35,000) Book Value $ 70,000 441,450 118,eee 52,580 Togo's purchased all the assets at the beginning of 2019 (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 2019 and 2020. Required: 1. For the year ended December 31, 2021, 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 fleld.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Depreciation Expense Accumulated Depreciation View transaction list Journal entry worksheet Record the amortization on the patent. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 3. Calculate the book value for each of the four long-term assets at December 31, 2021. TOGO'S SANDWICH SHOP December 31, 2021 Book Value Land Building Equipment Patent
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