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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.
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