Calculate the annual depreciation expense

Reference no: EM132213338

Question: Mean Beans, a local coffee shop, has the following assets on January 1, 2017. Mean beans prepares annual financial statements and has a December 31, 2017 year-end.

a) on january 1, 2017, purchased equipment costing 15,000 with an estimated life of five years. Means Beans will scrap the equipment after five years for 0.

b) on July 1, 2017, purchased furniture costing 12,000 with an estimated life of ten years. Mean Beans estimates that it can sell the furiture for 2,000 after ten years.

c) on Janurary 1, 2015, Means Beans had purchased a car costing 25,000 with an estimated life of eight years. Mean Beans esimated it can sell the car for 5,000 after eight years.

Required: For each transaction, calculate the annual depreciation expense and record the adjusting enrty on December 31, 2017

For the car, determine the accumlated depreciation as of December 31, 2017.

For the car, determine the carrying amount as of December 21,2017

Reference no: EM132213338

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