Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Cost $85,000 Accumulated Depreciation Book Value 0 $85,000 Equipment 560,000 145,000 $(201,600) 358,400 (30,000) 115,000 Patent 125,000 (50,000) 75,000 Additional information: Togo's purchased all the assets at the beginning of 2022. 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 nine-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 straight-line method. Depreciation and amortization have been recorded for 2022 and 2023 (first two years).