Balance Sheet, Jan 1, 2019
Current Assets	Cost		Current Liabilities	Cost
Cash	13,000		Accounts Payable	35,000
Corn Grain Inventory	20,000		Interest Payable	11,850
Wheat Inventory	10,000		Principal Farm Mortgage	20,000
Prepaid expenses	5,500		Principal Beef Loan	10,000
Feed on hand	80,000		Operating Loan	75,000
Market Livestock	32,000		Property Taxes Payable	15,000
Accounts Receivable	2,000
Supplies	4,000
Total current assets	166,500		Total current liabilities	166,850
Intermediate Assets			Intermediate Liabilities
Machinery	300,000		Beef Loan	100,000
Beef Breeding Stock	55,000
Titled Vehicles	26,000
Total Intermediate Assets	381,000		Total Intermediate Liabilities	100,000
Long-Term Assets			Long-term Liabilities
Land	318,000		Farm Mortgage	170,000
Buildings	67,000
Total Long-term Assets	385,000		Total Long-term Liabilities	170,000
			Total liabilities	436,850
			Owner equity	495,650
Total Assets	932,500		Total liabilites & owner equity	932,500

Create the Beginning Balance Sheet (Jan 1, 2019) in a new spreadsheet.

Question 1

On a new sheet in your spreadsheet file, calculate the annual depreciation for each depreciable asset on your opening balance sheet. The beef breeding livestock on the Jan 1, 2019 balance sheet are purchased. Use a depreciation rate of 10% for the breeding livestock, 10% for machinery and equipment, and 5% for any other depreciable assets. Calculate how much the book value of each depreciable asset would be on December 31, 2019.