Please do not give solution in image format ? And Fast Answering Please And and Explain Proper Step by Step. Mean Beans, a local coffee shop, has the following assets on January 1, 2023. Mean Beans prepares annual financial statements andhas 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 equipmentafter 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 estimatesthat it can sell the furniture 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 estimatesthat it can sell the car for $8,650 after eight years.Required:1-a. For each transaction, calculate the current year's annual depreciation expense.a Annual depreciation expense on equipmentb. Annual depreciation expense on furnitureAnnual depreciation expense on carC ts10points1SkippedMc1PrintPrint1-b. For each transaction, record the adjusting entry on December 31, 2023.SkippedView transaction listJournal entry worksheet<<Show Transcribed Text11Record annual depreciation on equipment.DateDec 31, 2023Note: Enter debits before credits.View transaction listRecord entry2DateDec 31, 2023Show Transcribed TextJournal entry worksheet1-b. For each transaction, record the adjusting entry on December 31, 2023.Record entryNote: Enter debits before credits.33Record annual depreciation on Furniture.View transaction list1General JournalClear entryDateDec 31, 202323General JournalJournal entry worksheetRecord entryClear entryRecord annual depreciation on a Car.Note: Enter debits before credits.C1-b. For each transaction, record the adjusting entry on December 31, 2023.General JournalDebitCreditClear entryView general journalDebit***>DebitCreditView general journalCreditView general journal

Depreciation Expenses - Depreciation Expense is incurred on the fixed assets of the company. The…

Mean Beans, a local coffee shop, has 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 sell the furniture 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 eight years. Required: 1-a. For each transaction, calculate the current year's annual depreciation expense. a. Annual depreciation expense on equipment b. Annual depreciation expense on furniture c Annual depreciation expense on car