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Accounting

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[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:
Cost Accumulated Depreciation Book Value
Land $75,0000 $75,000
Building 550,000 $(104,500)445,500
Equipment 150,000(28,000)122,000
Patent 100,000(40,000)60,000
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 $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 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.)

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