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: Cost Accumulated Depreciation Land Building Equipment Patent Book Value $ 90,000 455,000 206,000 225,000 $ 90,000 $(86,450) 368,550 (49,000) (90,000) 157,000 135,000 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 $10,000. 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 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 < Prev 14 15 16 of 20 Next >