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Exercise 3-5 Preparing adjusting entries (annual)depreciation LO4 Mean Beans, a local coffee shop,...

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Accounting

Exercise 3-5 Preparing adjusting entries (annual)depreciation LO4
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 companys depreciation policy is to use the straight-line method to depreciate its assets.
On January 1,2023, purchase equipment costing $15,900 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 $21,800 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $2,300 after ten years.
On January 1,2021, Mean Beans had purchased a car costing $43,500 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $8,700 after eight years.

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