Mean Beans, a local coffee shop, has the following assets on January 1, 2020. Mean Beans prepares annual financial statements and has a December 31, 2020 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets a. On January 1, 2020, purchase equipment costing $15,000 with an estimated life of five years. Mean Beans wil scape after five years for $0. b. On July 1, 2020. purchase furniture (tables and chairs) costing $12,000 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $2.000 after ten years. c. On January 1, 2018, Mean Beans had purchased a car costing $25,000 with an estimated life of eight years. Mean Beans estimate that it can sell the car for $5,000 after eight years. Required: 1-a. For each transaction, calculate the annual depreciation expense. a. Annual depreciation expense on equipment b. Annual depreciation expense on furniture c. Annual depreciation expense on car Mean Beans, a local coffee shop, has the following assets on January 1, 2020. Mean Beans prepares annual financial statements and has a December 31, 2020 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets. a. On January 1, 2020. purchase equipment costing $15,000 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2020, purchase furniture (tables and chairs) costing $12.000 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $2.000 after ten years. C. On January 1, 2018, Mean Beans had purchased a car costing $25,000 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $5,000 after eight years. Required: 1-a. For each transaction, calculate the annual depreciation expense. ($ 15,000 a Annual depreciation expense on equipment b. Annual depreciation expense on furniture c. Annual depreciation expense on car