Required information

Problem $7-7$A $($Static$)$ Compute depreciation, amortization, and book value of long$-$term

assets $($LO$7-4,7-5)$

$[$The following information applies to the questions displayed below.$]$

Solich Sandwich Shop had the following long$-$term asset balances as of January $1,2024$ :

Solich purchased all the assets at the beginning of $2022.$

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 nine$-$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 $7-7$A $($Static$)$ Part $3$

Calculate the book value for each of the four long$-$term assets at December $31,2024.$