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.

On January $1,2023,$ purchase equipment costing $$17,900$ with an estimated life of five years. Mean Beans will scrap the equipment after five years for $$0.$

On July $1,2023,$ purchase furniture $($tables and chairs$)$ costing $$13,700$ with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $$4,500$ after ten years.

On January $1,2021,$ Mean Beans had purchased a car costing $$45,250$ with an estimated life of eight years. Mean Beans estimates that it can sell the car for $$9,050$ after eight years.

Required:

$1-$a$.$ For each transaction, calculate the current year's annual depreciation expense.

$1-$b$.$ For each transaction, record the adjusting entry on December $31,2023.$

$2.$ For the car, determine the accumulated depreciation as of December $31,2023.$

$3.$ For the car, determine the book value as of December $31,2023.$