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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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