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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 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 $12,000. - 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: For the year ended December 31, 2024 (third year), record depreciation expense for bulldings and equipment. Land is not lepreciated. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fieid.) 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 bullding 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 $12.000. - 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). 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.)

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