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Please follow the table that is given. Ty Jake's Mechanics owns the following long-lived assets: Asset Date Purchased Cost Estimated Useful Life Building January 1,
Please follow the table that is given.
Ty
Jake's Mechanics owns the following long-lived assets: Asset Date Purchased Cost Estimated Useful Life Building January 1, 2014 $69,750 25 years Vehicles December 31, 2017 30,100 7 years Equipment July 1, 2016 11,680 8 years Prepare depreciation adjusting entries for Jake's Mechanics for the year ended December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record depreciation expense for building.) Dec. 31 (To record depreciation expense for vehicles.) Dec. 31 (To record depreciation expense for equipment.) For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2021. Building Vehicles Equipment Cost $ $ $ Less: Accumulated Depreciation Carrying amount $ $ $ $Step by Step Solution
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