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Problem 7-7A (Algo) Compute depreciation, amortization, and book value of long-term assets (LO7-4,7- ...

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Accounting

Problem 7-7A (Algo) Compute depreciation, amortization, and book value of long-term assets (LO7-4,7-
[The following information applies to the questions displayed below.]
Stevens Sandwich Shop had the following long-term asset balances as of January 1,2024:
Stevens purchased all the assets at the beginning of 2022.
The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no
residual value.
The equipment is depreciated over a 9-year service life using the straight-line method with an estimated residual value
of $11,000.
The patent is estimated to have a five-year useful 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).
Problem 7-7A (Algo) Part 2
. For the year ended December 31,2024, record amortization expense for the patent. (If no entry is required for a transaction/event,
elect "No Journal Entry Required" in the first account field.)
Journal entry worksheet
1
Record amortization of the patent.
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