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 $19,100 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 $18,400 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $2,400 after ten years. c. On January 1, 2018, Mean Beans had purchased a car costing $42,250 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $8,450 after eight years. Required: 1-a. For each transaction, calculate the current year annual depreciation expense