Exercise 4-4

Acadia Inc. owns the following long-lived assets:

AssetDate PurchasedCostEstimated Useful LifeVehicles

Jan. 1, 2012

$29,4007 yearsEquipment

July 1, 2013

13,8003 yearsFurniture

Jan. 1, 2015

14,5005 years

Prepare depreciation adjusting entries for each asset for the year ended December 31, 2015, assuming the company 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 0 for the amounts. Record journal entries in the order presented in the problem.)