13. I 1 Thu mul dite account on January 1,2018. 113. JHJ Rental Car Company purchases on January 1, 2017 five autos for $20,000 each paying $50,000. The autos will be depreciated over a 4-year useful life. Required: Record the acquisition of the autos on January1, 2017. Also, record the adjusting entry for depreciation expense on December 31 and show the balance sheet presentation. 14. Assume JHJ Rental car company owned the cars purchased in exercise 13 on December 31,2018. Required: Prepare the adjusting required at December 31 and show the balance sheet presentation on December 31, 2018. ne