3. Calculate the book value for each of the four long-term assets at December 31, 2024.STEVENS SANDWICH SHOPDecember 31, 2024LandBuildingEquipmentPatentBook value !Required information[The following information applies to the questions displayed below.]Stevens Sandwich Shop had the following long-term asset balances as of January 1, 2024:LandBuildingEquipmentPatentCost$82,000AccumulatedDepreciationBook Value0$82,000447,000226,300185,000$(160,920)286,080(47,400)178,900(74,000)111,000• 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 noresidual value.• The equipment is depreciated over a 9-year service life using the straight-line method with an estimated residual valueof $13,000.• The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-linemethod.• Depreciation and amortization have been recorded for 2022 and 2023 (first two years).

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Answered: 3. Calculate the book value for each of…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 29P

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1 Required information [The following information applies to the questions displayed below) Solich Sandwich Shop had the following long-term asset balances as of January 1, 2024: Accumulated Depreciation Land Building Equipment Patent View transaction list Ma • Solich 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). 2 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…
Required information [The following information applies to the questions displayed below.] Togo's Sandwich Shop had the following long-term asset balances as of January 1, 2021: Accumulated Book Value $ 69,000 Cost Depreciation $ 69,000 Land Building Equipment 544,000 131,600 85,000 $ (195,840) (26,800) (34,000) 348,160 104,800 51,000 Patent Togo's purchased all the assets at the beginning of 2019 (3 years ago). 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 useful life using the straight-line method with an estimated residual value of $11,000. 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 2019 and 2020. 3. Calculate the book value for each of the four long-term assets at December 31, 2021. TOGO'S SANDWICH SHOP December 31,…
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