**Depreciation Schedule for a Tractor Using Straight-Line Method****Problem Statement:**A tractor costs $24,680, has an expected life of 12 years, and a salvage value of $2,600. Use straight-line depreciation to find the yearly depreciation. Create a depreciation schedule for the first three years.---**Instructions:**Complete the table below:| Year | Depreciation | Accumulated Depreciation | End-of-Year Book Value ||------|--------------|--------------------------|------------------------|| 1 | $[ ] | $[ ] | $[ ] || 2 | $[ ] | $[ ] | $[ ] || 3 | $[ ] | $[ ] | $[ ] |---**Explanation:**This table helps calculate the depreciation of the tractor for the initial three years using the straight-line method. This method spreads the depreciation evenly over the life of the asset. The depreciation charge is calculated as follows:\[ \text{Depreciation per year} = \frac{\text{Cost} - \text{Salvage Value}}{\text{Useful Life}} \]**Steps:**1. **Calculate Annual Depreciation:** - Determine the annual depreciation using the formula above.2. **Calculate Accumulated Depreciation:** - Add the annual depreciation to the previous year's accumulated depreciation.3. **Calculate End-of-Year Book Value:** - Subtract the accumulated depreciation from the initial cost.Use these steps to fill in the blanks for each year in the table.

Given cost of tractor = 24,680 $ Time = 12 years Salvage = 2600 $ Depreciation under straight line…

Answered: Complete the table.

Business

Economics

Complete the table.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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