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Prepare depreciation adjusting entries for jake mechanics

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Reference no: EM133108403

Question - Jake's Mechanics owns the following long-lived assets:

Asset

Date Purchased

Cost

Estimated Useful Life

Building

January 1, 2014

$75,500

25 years

Vehicles

December 31, 2017

30,310

7 years

Equipment

July 1, 2016

15,900

10 years

Required -

1. Prepare depreciation adjusting entries for Jake's Mechanics for the year ended December 31, 2021.

2. For each asset, calculate its accumulated depreciation and carrying amount at December 31, 2021.

Reference no: EM133108403

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