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Stevens Sandwich Shop had the following long-term asset balances as of January 1,2024 - Stevens purchased all the assets at the beginning of 2022 -

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Stevens Sandwich Shop had the following long-term asset balances as of January 1,2024 - Stevens 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 straightline method - Depreciation and amortization have been recorded for 2022 and 2023 (first two years). Problem 7.7A (Algo) Part 3 3. Calculate the book value for each of the four long-term assets at December 31,2024

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