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Jake's Mechanics owns the following long-lived assets: AssetDate PurchasedCostEstimated Useful Life Building January 1, 2014$70,750 25 years Vehicles December 31, 201736,50010 years Equipment July 1,

Jake's Mechanics owns the following long-lived assets:

AssetDate PurchasedCostEstimated Useful LifeBuilding

January 1, 2014$70,750

25 years

Vehicles

December 31, 201736,50010 years

Equipment

July 1, 201612,1608 years

Prepare depreciation adjusting entries for Jake's Mechanics for the year ended December 31, 2021.

For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2021.

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