mean beans, a local coffee shop, has the following assets on january 1, 2023. mean...
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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 $17,900 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 $13,700 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $4,500 after ten years. On January 1, 2021, Mean Beans had purchased a car costing $45,250 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $9,050 after eight years. Required: 1-a. For each transaction, calculate the current year's annual depreciation expense
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