Mean Beans, a local coffee shop, has the following assets on January 1, 2023. Mean Beans prepares annual financial statements and has a December 31, 2023 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets. a. On January 1, 2023, purchase equipment costing $21,300 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2023, purchase furniture (tables and chairs) costing $13,200 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $5,300 after ten years. c. On January 1, 2021, Mean Beans had purchased a car costing $37.250 with an estimated life of elght years. Mean Beans estimates that it can sell the car for $7,450 after eight years. Required: 1-0. For each transaction, calculate the current year's annual depreciation expense. 1-b. For each transaction, record the adjusting entry on December 31, 2023. Journal entry worksheet