! 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: Accumulated Depreciation Land Building Equipment Patent Cost $ 87,000 452,000 205,600 210,000 $(85,880) (48,400) (84,000) Book Value $ 87,000 366, 120 157,200 126,000 Solich purchased all the assets at the beginning of 2019 (3 years ago). The building 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 $12,000. 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. Required: 1. For the year ended December 31, 2021, 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 the depreciation on the building. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 P