Solich Sandwich Shop had the following longterm asset balanc

Solich Sandwich Shop had the following long-term asset balances as of December 31, 2018: Accumulated Depreclation Book Value 93,000 370,980 61,800 144,000 Cost Land Building Equipment Patent $ 93,000 458.000 211,400 240,000 $(87020) (49,600) (96,000) Solich purchased all the assets et the beginning of 2016 (3 years ago). The building is depreciated over a 20-yeer service life using the double-declining-belance method and estimating no residuel velue. The equipment is depreciated over a 8-year useful life using the straight-line method with an estimated residual value of $13,000. 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 2016 and 2017 References Section Break Problem 7-7A Compute depreciation, amortization, and book value of long-term assets (L07-4,7-5) Required information 1.00 points Problem 7-7A Part 1 Required 1. For the year ended December 31, 2018, 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.) View transaction list Journal entry worksheet

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Date	Account description	Debit	Credit
31-Dec-18	Depreciation Expenses- Building	$ 37,098
	Depreciation Expenses- Equipment	$ 24,800
	Accumulated Depreciation- Buildings		$ 37,098
	Accumulated Depreciation- Equipment		$ 24,800
	(Being Depreciation recorded)