Required Information Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (L07-4, 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 $ 84,000 449,000 282,200 195,000 $(85,310) (47,80e) (78,000) Book Value $ 84,000 363,690 154,488 117,000 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 $11,000. 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 1 d.) View transaction list Journal entry worksheet 1 2 Record the depreciation on the building. Note: Enter debits before credits General Journal Debit Credit Transaction 1 View general journal Clear entry Record entry "No Journal Entry Required" In the first account field.) Tof the patent. (If no entry is required for a transaction/event, View transaction list Journal entry worksheet