sing Excel to Calculate SLN Depreciation PROBLEM Gordon Chemicals acquires a delivery truck on January , 2025, Additional information concerning the purchase follows: Delivery truck cost Estimated salvage value Estimated useful life in years $ 31,000 4,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use the SLN function with cell references to the Problem area. Compute straight line depreciation expense for the first and second years of useful life using Excel's SUN function, Depreciation for year 1 Depreciation for year 2 S 15,500 1,750

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.