This question has 3 parts. Thank you in advance for your assistance.
mec Classi MATH Give M sessment Component Saved Required information Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (L07-4, 7-5) [The following information applies to the questions displayed below.) Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Cost Land Building Equipment Patent $ 92,000 457.000 234,300 235,000 Accumulated Depreciation $(164,520) (49,400) (94,000) Book Value $ 92,000 292,480 184,900 141,000 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 $12,000. 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. Problem 7-7A Part 1 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.) Componenti ve Me Lib Saved He Equipment Patent 234,300 235,000 (49,400) (94.000) 184,900 141,000 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 $12,000. 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 Problem 7-7A Part 1 es 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.) View transaction list View Journal entry worksheet No Dobit Credit Transaction 1 1 General Journal Depreciation Experise Accumulated Depreciation 2 2 Depreciation Exponse Accumulated Depreciation MATH Give Me Lib sing Assessment Componente Saved [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 $ 92,000 457,000 234,300 235,000 $(164,520) (49,400) (94,000) Book Value $ 92,000 292, 480 184,900 141,000 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 $12,000. 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, Problem 7-7A Part 2 2. For the year ended December 31, 2021, record amortization expense for the patent (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction Debit Credit 1 1 General Journal Amortization Expense Accumulated Depreciation om%252Fmghmiddlewar YouTube Maps Pearson Sign In Do Homework - MyLab Math Pa... Foods Connect - Class MATH Give Me Liberty 8 ming Assessment Component Saved Help Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021 Accumulated Depreciation Land building Equipment Patent Cost 5 92,000 457.000 234,300 235,000 (164,520) (49.400) (94,000) Book Value $ 92,000 292, 480 184,900 141,000 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 $12,000. 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. Problem 7-7A Part 3 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 $ 92,000 Building Equipment Patent
