PRDELEMS IN ADJUSTING ENTRIES FDR BAD DEBTS AND DEPRICIATIDH 3. Goodcolor, a Kodak photo store, acquired the following assets: 1} Equipment worth $45D, with a n estimated life of E years from June 3D, ll and a scrap 1y'alue of $?5,[i. 2} Furniture and Fixtures worth $125,0 with an estimated life of 10 years was acquired on July 1, 2001 [start of its operation] with no scarp value. 3} A. car worth $35, acquired August 1, 20131, with an estimated life of 5 years at the end of which has a salvage value of $15,. The company uses the semiannual accounting period. Required: a] Prepare adjusting entries as at June 3i}, EDGE and show the amounts of depreciation expense to he presented in the income statement as well as the book values of the properties to be shown in the statement of nancial position. [1} Same requirements as in a} above except that the next set of adjustments are to he prepared on December 31