ces Required information Problem 7-7A (Algo) Compute depreciation, amortization, and book value of long-term assets (LO7-4, 7- 5) [The following information applies to the questions displayed below.] Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent e Cost $90,000 455,000 206,000 225,000 Accumulated Depreciation Book Value Cheesesteak 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 8-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). Problem 7-7A (Algo) Part 1 0 $(86,450) (49,000) (90,000) $90,000 368,550 157,000 135,000 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.)

Required information Problem 7-7A (Algo) Compute depreciation, amortization, and book value of long-term assets (LO7-4, 75) [The following information applies to the questions displayed below] Cheesesteak Sandwich Shop had the following long-term asset balances as of January 1,2024: - Cheesesteak purchased all the assets at the beginning of 2022. - The bullding is depreciated over a 20 -year service life using the double-declining-balance method and estimating no restdual value. - The equipment is depreciated over a 8-year service life using the straight-line method with an estimated residual value of $10.000. - The patent is estimated to have a five-ycor useful ife with no residual value and is amortized using the straight-line method. - Depreciation and amortization have been recorded for 2022 and 2923 (first two years). Problem 7-7A (Algo) Part 1 Required: 1. For the year ended December 31, 2024 (third year), record deprecintion expense for bulldings and equipment. Land is not depreclated. (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, 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.) 3. Calculate the book value for each of the four long-term assets at December 31, 2024