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, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 86,000 451,000 227,900 205,000 $(162,360) (48,200) (82,000) Book Value $ 86,000 288,640 179,700 123,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). 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 $11,000. 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 field.) & Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 44,000 X Depreciation Expense Accumulated Depreciation 44,000 X 21,690 X Depreciation Expense Accumulated Depreciation 21,690 X Record the amortization on the patent. Note: Enter debits before credits. General Journal Transaction 1 Debit Credit Record entry Clear entry View general journal 3. Calculate the book value for each of the four long-term assets at December 31, 2021. SOLICH SANDWICH SHOP December 31, 2021 Book value Land Building Equipment Patent