Mean Beans, a local coffee shop, has the following assets on January $1,2023.$ Mean Beans prepares annual financlal statements and

has a December $31,2023$ year$-$end. The company's depreclation policy is to use the stralght$-$IIne method to depreclate its assets.

a$.$ On January $1,2023,$ purchase equlpment costing $$20,100$ 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 $$20,100$ with an estimated life of ten years. Mean Beans estimates

that It can sell the furniture for $$4,400$ after ten years.

c$.$ On January $1,2021,$ Mean Beans had purchased a car costing $$25,250$ with an estimated life of elght years. Mean Beans estimates

that it can sell the car for $$5,050$ after elght years.

Required:

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

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

Journal entry worksheet

Record annual depreciation on equipment.

Note: Enter debits before credits. $1-$b$.$ For each transaction, record the adjusting entry on December $31,2023.$

Journal entry worksheet

Record annual depreciation on equipment.

Note: Enter debits before credits. Journal entry worksheet

$1$

$2$

$3$

Record annual depreciation on Furniture.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Dec $31,2023,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$ Journal entry worksheet

Record annual depreciation on a Car.

Note: Enter debits before credits.For the car, determine the accumulated depreciation as of December $31,2023.$

Accumulated depreciation

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

Book value