Check my work Required information Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (LO7-4, 7-5) [The following information applies to the questions displayed below) Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021 Land Building Equipment Patent Cost $ 81,600 445.000 202,800 Acculated Depreciation took Valve $ 81,000 5(84,740) 155,600 (72,000) 100,000 Solich purchased all the assets at the beginning of 2019 (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 $14,000. 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. Problem 7-7A Part 2 Check my work Required information Problem 7.7A Part 2 2. For the year ended December 31, 2021, 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.) View transaction ist Journal entry worksheet > Record the amortization on the patent. Notente debits before credits Transaction General Journal Debit Credit 1 Problem 7-7A Part 3 3. Calculate the book value for each of the four long-term assets at December 31, 2021 SOLICH SANDWICH SHOP December 31, 2021 Book value Land Building Equipment Patent