ABC Corporation presents the balance of its assets. Instructions: 1. Check the accumulated depreciation balances. 2. Make the necessary adjustments as of December 31, 2020 3. Determine the new book value of each of the assets. 4. Explain how Net Income is affected as of December 31, 2020 . Note: The company uses the straight-line method to depreciate all of its assets. Asset acquisitions data Fingerlift - $ 35,000.00 with a useful life of 10 years and $3,000.00 residual value, acquired in January 2012. Computer for $ 8,500.00 with 4 years of useful life and $ 200.00 of residual value, acquired in January 2019. Vehicle for $ 45,000.00 with 5 years of useful life with no residual value, acquired in January 2013. Building and land for a total of $ 475,000.00 with 15 years of useful life. The land cost $ 100,000.00 and the building has a residual value of $ 30,000.00, acquired in January 2007 General Ledger Fingerlift 35,000 Computers 8,500 Vehicle 45,000 Buliding and Land 475,000 Accumuladed Depreciation (Fingerlift) (26,500) Accumuladed Depreciation (Computers) (7,500) Accumuladed Depreciation (Vehicles) (45,000) Accumuladed Depreciation (Building ) (285,500)