Exercise 3-5 Preparing adjusting entries (annual)-depreciation LO4 Mean Beans, a local coffee shop, has the following assets on January 1, 2023. Mean Beans prepares annual financial statements and has a December 31.2023 year-end. The company's depreciation policy is to use the straight-ine method to depreciate its assets a. On January 1, 2023, purchase equipment costing $23,900 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2023, purchase furniture (tables and chairs) costing $17,000 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $1,500 after ten years, c. On January 1, 2021, Mean Beans had purchased a car costing $44,750 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $8.950 after eight years Required: 1-o. For each transaction, calculate the current year's annual depreciation expense