Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021 Cost Accumulated Depreciation Land Building Equipment Patent $ 72,000 547,000 136,300 92,500 $(196,920) (27,400) (37,800) Book Value $72,000 350,080 108,900 55,500 Togo's purchased all the assets at the beginning of 2019 (3 years ago). 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 9. year useful life using the straight-line method with an estimated residual value of $13,000. 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 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.) View transaction list Journal entry worksheet Record the depreciation on the building, Nate: Enter debits before credits Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021 Accumulated Depreciation Land Building Equipment Patent Cost $ 72,000 547,000 136,300 92,500 $(196,920) (27,400) (37,000) Book Value $72,000 350,080 108,900 55,500 Togo's purchased all the assets at the beginning of 2019 (3 years ago) 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 9 year useful life using the straight-line method with an estimated residual value of $13.000 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 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.) View transaction list Journal entry worksheet 1 2 > Record the depreciation on the equipment. Note: Enter debits before credits Proi m Next Accumulated Depreciation Land Building Equipment Patent Cost $ 72,000 547,000 136,300 92,500 $(196,920) (27,400) (37.000) Book Value $ 72,000 350,000 108, NN 55,500 Togo's purchased all the assets at the beginning of 2019 (3 years ago). 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 9. year useful life using the straight-line method with an estimated residual value of $13,000 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 2. For the year ended December 31, 2021. record amortization expense for the potent (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
