Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021:

					Accumulated
	Cost				Depreciation				Book Value
Land	$	81,000							$	81,000
Building		556,000			$	(105,640	)			450,360
Equipment		157,000				(29,200	)			127,800
Patent		115,000				(46,000	)			69,000

Togo's purchased all the assets at the beginning of 2019 (3 years ago). 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 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.

Problem 7-7B 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.)

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.)

3. Calculate the book value for each of the four long-term assets at December 31, 2021.