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Assume a new tractor is purchased on January 1 for $62,000 and given a salvage value of $10,000 and a useful life of 8 years. What would the annual depreciation be for the first two years under each depreciation method? (3) Year 1 Year 2 Straight line Double declining balance Sum-of-year's digits Determine the annual payment and status of the following loan at the end of year 4 regarding principal paid, interest paid, and remaining principal balance. Loan: $5,000 borrowed, 12.00% interest, 6-year term, annual payments. Use the equal payment method (4) You have just purchased a farm for $2,000 per acre. Land is expected to increase in value at a rate of 6 percent annually. Using Excel, make a table similar to the one below your table should have all the years unlike my example) to answer the following four questions. (4 pts) A. What will an acre of land be worth in 5 years? B. What will an acre of land be worth in 20 years? Value at beginning of interest rate interest earned value at end Year year (%) (5) of year (5) 1 2 3 4 20