$[$The following information applies to the questions displayed below.$]$

Hero's Sandwich Shop had the following long$-$term asset balances as of January $1,2024$:

Cost Accumulated Depreciation Book Value

Land $$71,0000$ $$71,000$

Building $546,000$ $$(103,740)442,260$

Equipment $122,800(27,200)95,600$

Patent $90,000(36,000)54,000$

Additional information:

Hero'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 $$14,000.$

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$).$