heducatio momework, part 1 Saved Exercise 3-4 Preparing adjusting entries (annual)-depreciation LO4 Mean Beans, a local coffee shop, has the following assets on January 1, 2020. Mean Beans prepares annual financial statements and has a December 31, 2020 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets. a. On January 1, 2020, purchase equipment costing $20,200 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2020, purchase furniture (tables and chairs) costing $21,500 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $4,900 after ten years. c. On January 1, 2018, Mean Beans had purchased a car costing $19,250 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $3,850 after eight years. Required: 1-a. For each transaction, calculate the current year annual depreciation expense. 4. a. Annual depreciation expense on equipment b. Annual depreciation expense on furniture c. Annual depreciation expense on car 10 points 1 Skipped eBook Exercise 3-4 Preparing adjusting entries (annual)-depreciation LO4 Mean Beans, a local coffee shop, has the following assets on January 1, 2020. Mean Beans prepares annual financial statements and has a December 31, 2020 year-end. The company's depreciation policy is to use the straight-line method to depreciate its assets. a. On January 1, 2020, purchase equipment costing $20,200 with an estimated life of five years. Mean Beans will scrap the equipment after five years for $0. b. On July 1, 2020, purchase furniture (tables and chairs) costing $21,500 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $4,900 after ten years. c. On January 1, 2018, Mean Beans had purchased a car costing $19,250 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $3,850 after eight years