Required Information Problem 7-78 Compute depreciation, amortization, and book value of long-term assets (L07-4, 7-5) The following information applies to the questions displayed below) Toge's Sandwich Shop had the following long-term asset balances as of January 1, 2021 Accumulated Depreciation 3 Land Building Equipment Patent Cost 5 72.000 547,000 136,300 92, See (196,920) (27 dee) (37, coa) Book Value $ 2.000 350, BD 108, se 55 Soe 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, Problem 7-7B Part 1 Required: 1. For the year ended December 31, 2021, record depreciation expense for buildings and equipment Land is not depreciated. (If no entry is rebuired for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 1 2 Record the depreciation on the equipment. banato General Journal Debit Credit 2 Ready Clearly Viergeseral journal