E F G H J K L N AB C D 1 Function: SUM; Formula: Divide, Subtract, Multiply; Cell Referencing 2 3 BE9.6 Using Excel to Calculate Double-Diminishing-Balance 4 Depreciation PROBLEM 5 6 Buckingham Ltd. purchased a delivery truck on January 1, 2021. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated. 7 Buckingham has a December 31 year end. Additional information 8 concerning the truck follows. Purchase price of truck Using the diminishing-balance method and assuming the depreciation rate is equal to double the straight-line rate, calculate the depreciation: 9 10 11 Residual value 12 Useful life 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 $ 80,000 8,000 4 years a. For each year of the truck's life Rate January 1 Carrying December 31 Depreciation Carrying Amount Rate Expense Amount 2021 0% 2022 0% 2023 0% 2024 0% b. In total over the truck's life Total