Can you please show me all the cell referencing I have to do too. With clear detailed answers. I took screenshots so some repeats in some pictures.
Prepare depreciation schedules using Straight-line, Units-of-production, and double-declining balance depreciation. Make use of Excel/sheets capabilities by using as many formulas and functions as possible. Chapter & Course Outcomes: (demonstrated in this project) A Record the journal entry to capitalize a long term tangible asset. B Calculate depreciation for long term tangible assets using straight line, units of production and double declining balance. C Prepare the journal entry to record depreciation of an asset. D Analyze the impact of each depreciaion method on the financial Use Microsoft Excel proficiently to record and summarize E information used in business analysis and decision making. REQUIRED FOR POINTS: A. Complete a depreciation schedule for the new tractor using all 3 depreciation methods. Link/reference all cells on your depreciation schedules back to the Given data section. Use the add/sum/subtract functionality as needed. SBC Corp has purchased a new Machine on Jan 1, year 1 paying 10% of the purchase price in cash and signing a 2 year note for the balance. The following information is given: Reference or given data section. Each calculation should reference back to this information Cost: $ $ 165,000 15,000 Estimated Residual: Estimated Life in years Estimated Life in hours Numerous examples have been provided or completed in chapter 9. B. Record the following in the general journal. Link your amounts back to the depreciation schedule. 1,200 Actual hours per year Month Purchased for recalculation question 75,000 1 2 360 Amount of cash for sale 300 320 220 1. Record the entry for the original purchase on Jan 1, Year 1 2. Record the depreciation journal entry for Dec 31, year 1 for each of the methods. 3. Record the journal entry for each method if the tractor is sold Jan 1, year 3 for $75,000. 4. Recalculate ONLY the year 1 depreciation for each method if the tractor had been purchased on April 1 rather than Jan 1. Record the new year 1 journal entry for this change. If no change is needed, please record "no change" in the journal entry. 3 4 C. Provide an answer to the following: Which method will provide the highest net income in year 3 all other factors being equal? Include a brief explanation for your answer. Answer: DESCRIPTION ACCOUNT Debit Credit There are some built in formulas in Excel & Sheets related to depreciation. Use them or design your own REQ B. #1 DATE Year Jan REQ. A Prepare a straight-line depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain for each year: the year number, the depreciation expense, the accumulated depreciation and the book value. DESCRIPTION ACCOUNT Debit Credit Sullivan Ranch Corporation Depreciation Schedule Straight-line method End of year amounts Depreciation Expense Accumulated Depreciation Cost DATE Year 11 Dec 31 Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 DESCRIPTION ACCOUNT Debit Credit There are some built in formulas in Excel & Sheets related to depreciation. Use them or design your own DATE Year Jan 1 REQ. A Prepare a straight-line depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain for each year: the year number, the depreciation expense, the accumulated depreciation and the book value. DESCRIPTION ACCOUNT Debit DATE Year 11 Credit Sullivan Ranch Corporation Depreciation Schedule Straight-line method End of year amounts Depreciation Expense Accumulated Depreciation Cost Dec 311 Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 Dec 31 year 3 Dec 31 year 4 REQ B. #2 Prepare a units of production depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain for each year: the year number, the depreciation expense, the accumulated depreciation and the book value. DESCRIPTION ACCOUNT Debit Credit Sullivan Ranch Corporation Depreciation Schedule Units of production method End of year amounts Depreciation Expense Accumulated Depreciation Cost DATE Year 3 Jan 1 Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 2 Dec 31 year 3 Dec 31 year 4 REQ, B. #3 Prepare a double declining depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain for each year: the year number, the depreciation expense, the accumulated depreciation and the book value. DESCRIPTION ACCOUNT Debit Credit Sullivan Ranch Corporation Depreciation Schedule Double declining method End of year amounts Depreciation Expense Accumulated Depreciation Cost DATE Year 11 Dec 311 Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 Dec 31 year 3 Dec 31 year 4 Prepare a units of production depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain for each year: the year number, the depreciation expense, the accumulated depreciation and the book value. DESCRIPTION ACCOUNT Debit Credit DATE Year 3 Sullivan Ranch Corporation Depreciation Schedule Units of production method End of year amounts Depreciation Expense Accumulated Depreciation Cost Jan Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 Dec 31 year 3 Dec 31 year 4 REQ B. #3 Prepare a double declining depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain for each year: the year number, the depreciation expense, the accumulated depreciation and the book value. DESCRIPTION ACCOUNT Debit Credit Sullivan Ranch Corporation Depreciation Schedule Double declining method End of year amounts Depreciation Expense Accumulated Depreciation Cost DATE Year 1 Dec 31 Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 Dec 31 year 3 Dec 31 year 4 REQ, B. #4
