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The Snack Stop had the following long-term asset balances as of January 1, 2024: Accumulated Depreciation Land Building Equipment Patent Additional information: Cost $80,000 555,000 126,000 112,500 0 $(105,450) (29,000) (45,000) Book Value $80,000 449,550 The Snack Stop 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 8-year useful life using the straight-line method with an estimated residual value of $10,000. 97,000 67,500 . 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. 2. For the year ended December 31, 2024, record amortization expense for the patent. 3. Calculate the book value for each of the four long-term assets at December 31, 2024.

Journal entry worksheet Note: Enter debits before credits. Record depreciation of the equipment. Note: Enter debits before credits. The Snack Stop had the following long-term asset balances as of January 1,2024: Additional information: - The Snack Stop 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 8-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: Required: 1. For the year ended December 31, 2024 (third year), record depreciation expense for bulldings and equipment. Land is not depreciated. 2. For the year ended December 31,2024 , record amortization expense for the patent. 3. Calculate the book value for each of the four long-term assets at December 31,2024

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