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20. Budgeting: A factory owner buys Equipment for $50,000 with a useful life of 5 years and Furniture for $30,000 with a useful life of

20. Budgeting: A factory owner buys Equipment for $50,000 with a useful life of 5 years and Furniture for $30,000 with a useful life of 3 years. Calculate the following for Years 1, 2, 3, 4 & 5 (15 points): 1) Income Statement (P&L): Depreciation 2) Balance Sheet: Fixed Asset Value 3) Balance Sheet: Accumulated Depreciation

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