Question
Jakes Mechanics owns the following long-lived assets: Asset Date Purchased Cost Estimated Useful Life Building January 1, 2014 $ 44,000 20 years Vehicles December 31,
Jakes Mechanics owns the following long-lived assets: Asset Date Purchased Cost Estimated Useful Life Building January 1, 2014 $ 44,000 20 years Vehicles December 31, 2017 28,770 7 years Equipment July 1, 2016 15,400 10 years Prepare depreciation adjusting entries for Jakes Mechanics for the year ended December 31, 2021. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record depreciation expense for building on December 31 enter a debit amount enter a credit amount enter an account title to record depreciation expense for building on December 31 enter a debit amount enter a credit amount (To record depreciation expense for building.) Dec. 31 enter an account title to record depreciation expense for vehicles on December 31 enter a debit amount enter a credit amount enter an account title to record depreciation expense for vehicles on December 31 enter a debit amount enter a credit amount (To record depreciation expense for vehicles.) Dec. 31 enter an account title to record depreciation expense for equipment on December 31 enter a debit amount enter a credit amount enter an account title to record depreciation expense for equipment on December 31 enter a debit amount enter a credit amount (To record depreciation expense for equipment.) eTextbook and Media List of Accounts For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2021. Building Vehicles Equipment Cost $ enter a dollar amount $ enter a dollar amount $ enter a dollar amount Less: Accumulated Depreciation enter a dollar amount enter a dollar amount enter a dollar amount Carrying amount $ enter a total amount.
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