Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Cost Accumulated Depreciation Land Building $85,000 0 560,000 $(201,600) Equipment Patent 145,000 125,000 (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). 2. For the year ended December 31, 2024, 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.)