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Required Information Problem 7-7B Compute depreciation, amortization, and book value of long-term assets (L07-4, 7-5) The following information applies to the questions displayed below] Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated Depreciation Land Building Equipment Patent Cost $ 72,000 sa7,000 136,300 92,500 $(196,920) (27,400 (37, eve) Book Value $ 72 350,00 TUB, 980 55.500 Togo's purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual value. The equipment is depreciated over a 9- 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. Problem 7-7B 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 Journal entry worksheet Record the depreciation on the building. Note. Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal

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