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 $ 93,000 458,000 211,400 240,000 $(87,020) (49,600) (96,000) Book Value $ 93,000 370,980 161,800 144,000 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 $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. Journal entry worksheet Record the amortization on the patent. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Problem 7-7A Part 3 3. Calculate the book value for each of the four long-term assets at December 31, 2021. SOLICH SANDWICH SHOP December 31, 2021 Book value Land Building Equipment Patent