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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 $21,600 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 $16,000 with an estimated life of ten years. Mean Beans estimates that it can sell the furniture for $1,600 after ten years. c. On January 1, 2018, Mean Beans had purchased a car costing $27,250 with an estimated life of eight years. Mean Beans estimates that it can sell the car for $5,450 after eight years. Required: 1-a. For each transaction, calculate the current year annual depreciation expense. a Annual depreciation expense on equipment b. Annual depreciation expense on furniture c Annual depreciation expense on car 1-b. For each transaction, record the adjusting entry on December 31, 2020. View transaction list Journal entry worksheet 2 Record annual depreciation on equipment. Note: Enter debits before credits. Date General Journal Credit Dec 31, 2020 View general journal Record entry 32 Clear entry Debit 2. For the car, determine the accumulated depreciation as of December 31, 2020. Accumulated depreciation 3. For the car, determine the book value as of December 31, 2020. Book value