Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Cost $85,000 Accumulated Depreciation 0 Equipment Patent 560,000 145,000 125,000 $(201,600) (30,000) (50,000) Additional information: Book Value $85,000 358,400 115,000 75,000 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). Required: 1. For the year ended December 31, 2024 (third year), 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.)