Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2018:

	Cost	Accumulated Depreciation		Book Value
Land	$ 74,000			$ 74,000
Building	549,000	$(104,310	)	444,690
Equipment	122,200	(27,800	)	94,400
Patent	97,500	(39,000	)	58,500

Togo's purchased all the assets at the beginning of 2016 (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 8-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 2016 and 2017.

1.

value: 1.50 points

Required information

Required:

1. For the year ended December 31, 2018, 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, 2018, 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, 2018.

TOGO'S SANDWICH SHOP
December 31, 2018
	Book Value
Land
Building
Equipment
Patent