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Acadia Inc. owns the following long-lived assets: Asset Vehicles Equipment Date Purchased Jan. 1, 2017 July 1, 2018 Cost $33,300 21,000 Estimated Useful Life 3 years 5 years Your Answer Correct Answer Prepare depreciation adjusting entries for each asset for the year ended December 31, 2018, assuming the company uses straight-line depreciation and adjusts its accounts annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 11,100 Accumulated Depreciation - Vehicles 11,100 Dec. 31 Depreciation Expense 2,100 Accumulated Depreciation - Equipment 2,100 For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2018. Vehicles Equipment Accumulated depreciation $ A Carrying amount - List of Accounts