! Required information [The following information applies to the questions displayed below.] Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024: Accumulated Depreciation Book Value Cost $88,000 0 $88,000 453,000 $(86,070) 366,930 Land Building Equipment Patent 256,000 (48,600) 207,400 215,000 (86,000) 129,000 Stevens purchased all the assets at the beginning of 2022. 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 10-year service life using the straight-line method with an estimated residual value of $13,000. 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.) View transaction list Journal entry worksheet Record depreciation of the building. Note: Enter debits before credits. Transaction Debit 1 Record entry General Journal Depreciation Expense Accumulated Depreciation Clear entry Credit View general journal 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.) View transaction list Journal entry worksheet 1 2 Record depreciation of the equipment. Note: Enter debits before credits. Debit Credit Transaction 2 View general journal Record entry General Journal Clear entry