The Snack Stop had the following long$-$term asset balances as of January $1,2024$:

Additional information:

The Snack Stop 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 $$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 $2022$ and $2023($first two years$).$

Required:

For the year ended December $31,2024($third year$),$ record depreciation expense for buildings and equipment. Land is not depreclated.

For the year ended December $31,2024,$ record amortization expense for the patent.

Calculate the book value for each of the four long$-$term assets at December $31,2024.$

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Required:

For the year ended December $31,2024($third year$),$ record depreciation expense for buildings and equipment. Land is not depreciated.

For the year ended December $31,2024,$ record amortization expense for the patent.

Calculate the book value for each of the four long$-$term assets at December $31,2024.$

Complete this question by entering your answers in the tabs below.

Required $1$

For the year ended December $31,2024($third year$),$ record depreciation expense for buildings and equipment. Land is not depreciatec $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

$\backslash$table$[[,$No$,$Transaction,General Journal,Debit,Credit$],[i,1,1,$Depreciation Expense,a$,(],[,,$Accumulated Depreciation,,$],[,,-,,],[0,2,2,$Depreciation Expense,,$],[,,$Accumulated Depreciation,,$]]$

Journal entry worksheet

$1$

$2$

Record depreciation of the building.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$