Determining fixed asset's book value The balance in the equipment account is $3,750,000, and the balance in the accumulated depreciation-equipment account is $1,987,500. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X FITTI Open spreadsheet a. What is the book value of the equipment? Round your answer to the nearest dollar $ b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $1,987,5007 because depreciation is an allocation of the of the equipment to the periods benefiting from its use. Format Painter For Undo Clipboard Font Alignment Number B10 B D E Determining fixed asset's book value 2 DATA Balance in the equipment account $3,750,000 Balance in the accumulated 5 depreciation equipment account $1,987,500 6 Using formulas and cell references, perform the required analysis, and input your answers into the Amount column. Transfer the numeric result for the green entry cell (B10) into the appropriate field in CNOWV2 for 7 grading 8 9 Amount Formula 10 Book value of the equipment 11 12 13 14 15