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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 Recumulated Depreciation Land Suilding Equipment Patent Cost $20.000 445.000 243.000 195.000 $6,550 149.000 170,000 Book Value $30.000 100.450 399.000 800,000 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 10- 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. he 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.) 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 im Record the depreciation on the building rence Nota: Enter debits before credits Transaction Dobit Credit 1 General Journal Depreciation Expense Buildings Equipment 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 T Journal entry worksheet

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