A D 1 Sullivan Ranch Corporation has purchased a new tractor. The following information is given: 2 3 Cost: 4 Estimated Residual: $ 150,000 $ 10,000 5 Estimated Life in years: 4 6 Estimated Life in hours: 7 Actual Hours: 1200 B Year 1 9 Year 2 10 Year 3 11 Year 4 12 360 270 350 220 E F Prepare the following Straight Line depreciation schedule by using the excel SLN FUNCTION (fx) to calculate the 13 Depreciation Expense for Years 1-4 in the Depreciation Expense column. Enter formulas or absolute cell references for the remaining cells. 14 15 16 17 18 SULLIVAN RANCH CORPORATION Depreciation Schedule-Straight Line Method End of year amounts Depreciation Accumulated 19 Year Book Value Expense Depreciation 20 1 21 2 22 3 $ 555 $ 35,000 $ 35,000 $ 115,000 $ 35,000 $ 70,000 $ 80,000 35,000 $ 105,000