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Mean Beans, a local coffee shop, thas the following assets on January 1, 2023. Mean Beans prepares annual financial statements and has a December 31, 2023 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets. a. On January 1, 2023, purchase equipment costing \$16,500 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2023 , purchase furniture (tables and chairs) costing $19,100 with an estimated life of ten years. Mean Beans estimates that it can seil the furmiture for $2,800 after ten years. c. On January 1, 2021. Mean Beans had purchased a car costing $43,250 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $8,650 after oight years. Required: 1-a. For each transaction, caiculate the current year's annual depreciation expense. 1-b. For each transaction, record the adjusting entry on December 31,2023. Journal entry worksheet 3 Mean Beans, a local coffee shop, thas the following assets on January 1, 2023. Mean Beans prepares annual financial statements and has a December 31, 2023 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets. a. On January 1, 2023, purchase equipment costing \$16,500 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2023 , purchase furniture (tables and chairs) costing $19,100 with an estimated life of ten years. Mean Beans estimates that it can seil the furmiture for $2,800 after ten years. c. On January 1, 2021. Mean Beans had purchased a car costing $43,250 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $8,650 after oight years. Required: 1-a. For each transaction, caiculate the current year's annual depreciation expense. 1-b. For each transaction, record the adjusting entry on December 31,2023. Journal entry worksheet 3

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