Sullivan Ranch Corporation has purchased a new tractor. The following information is given:$150,000$10,000Cost:Estimated Residual:Estimated Life in years:Estimated Life in hours:Actual Hours:Year 1Year 2Year 3Year 441200Required:1. Prepare the following Straight-Line depreciation schedule by using the Excel SLN function to calculate DepreciationExpense and entering formulas for the remaining cells. Use absolute cell references when appropriate.(Use cells A4 to B12 from the given information to complete this question.)Year1236027035022034TotalDepreciation Schedule-Straight-Line MethodEnd of year amountsDepreciatio Depreciation ExpensenSULLIVAN RANCH CORPORATIONBook Value 2. Prepare the following Activity Based depreciation schedule by entering formulas. Use absolute cell references when appropriate.(Use cells A4 to B12 from the given information to complete this question.)SULLIVAN RANCH CORPORATIONDepreciation Schedule-Activity Based MethodEnd of year amountsDepreciatio Depreciation ExpensenYear1234Total3. Prepare the following Double-Declining-Balance depreciation schedule by using the Excel DDB function to calculateDepreciation Expense and entering formulas for the remaining cells. Use absolute cell references when appropriate.(Use cells A4 to B12 from the given information to complete this question.)Year1SULLIVAN RANCH CORPORATIONDepreciation Schedule-Double-Declining-Balance MethodEnd of year amounts234TotalBook ValueDepreciatio Depreciation ExpenseBook Value

Name: Sullivan Ranch Corporation has purchased a new tractor. The following
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Description: Sullivan Ranch Corporation has purchased a new tractor. The following information is given:$150,000$10,000Cost:Estimated Residual:Estimated Life in years:Estimated Life in hours:Actual Hours:Year 1Year 2Year 3Year 441200Required:1. Prepare the follo

Depreciation is recorded as an expense for wear and tear of a depreciable tangible asset for eg…

Business

Accounting

Sullivan Ranch Corporation has purchased a new tractor. The following information is given: $150,000 $10,000 Cost: Estimated Residual: Estimated Life in years: Estimated Life in hours: Actual Hours: Year 1 Year 2 Year 3 Year 4 4 1200 360 270 350 220 Required: 1. Prepare the following Straight-Line depreciation schedule by using the Excel SLN function to calculate Depreciation. Expense and entering formulas for the remaining cells. Use absolute cell references when appropriate. (Use cells A4 to B12 from the given information to complete this question.) Year 1 2 3 4 Total SULLIVAN RANCH CORPORATION Depreciation Schedule-Straight-Line Method End of year amounts Depreciatio Depreciatio n Expense n Book Value

Sullivan Ranch Corporation has purchased a new tractor. The following information is given: $150,000 $10,000 Cost: Estimated Residual: Estimated Life in years: Estimated Life in hours: Actual Hours: Year 1 Year 2 Year 3 Year 4 4 1200 360 270 350 220 Required: 1. Prepare the following Straight-Line depreciation schedule by using the Excel SLN function to calculate Depreciation. Expense and entering formulas for the remaining cells. Use absolute cell references when appropriate. (Use cells A4 to B12 from the given information to complete this question.) Year 1 2 3 4 Total SULLIVAN RANCH CORPORATION Depreciation Schedule-Straight-Line Method End of year amounts Depreciatio Depreciatio n Expense n Book Value

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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