Required information Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (L07-4, 7-5) The following information as to the questions spayed below) Solich Sandwich Shop had the following long term asset balances as of December 31, 2021 Accumulated Cost Depreciation Book Value $90,000 90,000 Building 455.000 5(86,450) 168,550 (10,000) 157,000 Patent 225.000 (90,000) 135,000 200,000 Solic purchased all the assets at the beginning of 2019 years ago). The building is depreciated over a 20 year service We using the double declining balance method and estimating no residual value. The equipment is deprecated over 8 year useful to wing 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 2 2. For the year ended December 31, 2021 record amortization expense for the patent (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 Record the amortization on the patent. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal