Problem 7-7B (Static) Compute depreciation, amortization, and book value of long-term assets (LO7-4, 7-5) Skip to question [The following information applies to the questions displayed below.] Togo’s Sandwich Shop had the following long-term asset balances as of January 1, 2024: CostAccumulated DepreciationBook Value Land$85,0000$85,000 Building560,000$(201,600)358,400 Equipment145,000(30,000)115,000 Patent125,000(50,000)75,000 Additional information: Togo’s 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 nine-year service life using the straight-line method with an estimated residual value of $10,000. 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 7-7B (Static) Part 2 2. For the year ended December 31, 2024, record amortization expense for the patent.