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Required information The following information applies to the questions displayed below Stevens's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent Cost 81,000 556,000 157,000 115,000 Accumulated Depreciation Book Value $81,000 (105,640) 450,360 ( 29,200 ) 127,800 ( 46,000)69,000 Additional information: Stevens's purchased all the assets at the beginning of 2022 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 $11,000 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 2022 and 2023 ( first two years).

Required information [The following information applies to the questions displayed below] Stevens's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Additional information: - Stevens's purchased all the assets at the beginning of 2022 - 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 $11,000 - The potent 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 2022 and 2023 (first two years). Required: 1. For the year ended December 31, 2024 (third year), 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 information [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $271,300. The ovens originally cost $361,500, had an estimated service life of 10 years, had an estimated residual value of $21,500, and were depreciated using straight-line depreciation, Complete the requirements below for New Dell. 2. Calculate the book value of the ovens at the end of the third year. Required information [The following information applies to the questions displayed below] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $271,300. The ovens originally cost $361,500, had an estimated service life of 10 years, had an estimated residual value of $21,500, and were depreciated using straight-line depreciation. Complete the requirements below for New Deli. 3. What is the gain or loss on the sale of the ovens at the end of the third year? Required information [The following information applies to the questions displayed below.] New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Pizza for $271,300. The ovens originally cost $361,500, had an estimated service life of 10 years, had an estimated residual value of $21,500, and were depreciated using straight-fine depreciation. Complete the requirements below for New Dell. Required: 1. Calculate the balance in the Accumulated Depreciation account at the end of the third year. 2. For the year ended December 31, 2024, 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.) Journal entry worksheet Record amortization of the patent. Note: Enter debits before credits. stevenss sanawich snop naa the touowing iong-term asset Dalances as or January 1, U

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