Required information [The following information applies to the questions displayed below.] Cheesesteak's Sandwich Shop had...
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Required information [The following information applies to the questions displayed below.] Cheesesteak's Sandwich Shop had the following long-term asset balances as of January 1, 2024: Additional information: - Cheesesteak's purchased all the assets at the beginning of 2022. - The building is depreclated 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 $10,000. - The potent is estimated to have a flve-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 bulldings 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,) Journal entry worksheet
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