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Facts: ZZZ, LLC. is preparing their December 31, 2021, annual financial statements. You are in charge of preparing the Excel workpapers for journal entries (some

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Facts: ZZZ, LLC. is preparing their December 31, 2021, annual financial statements. You are in charge of preparing the Excel workpapers for journal entries (some are prior to 2021) fixed assets based on the following information. zzz produces various children's toys and has been in business for almost three years. ZZZ had to start from scratch when opening the business and acquired the following assets: 1. They purchased a land and building on April 1, 2019, for $2.4 million dollars. ZZZ got a great deal because based on the appraisal at the time, the land was worth $2,000,000, and the building was worth $1,000,000. 2. They bought fixed assets as quickly as possible. On June 1, 2019, they purchased $525,000 of machinery A; $140,000 of fixtures B, and $210,000 of computer and networking equipment C. When purchasing the machinery ZZZ also paid $2,000 to dispose of equipment left behind by the previous building owner; $10,000 for delivery; and $31.500 sales tax. Unfortunately, machinery A was damaged in shipment, and this was not insured. The amount of the damage is $1,000. 3. On August 15, 2020, they exchanged some of fixtures B with BBB, Inc. ZZZ gave up fixtures with a book value of $35,000 (cost $90,000 and accumulated depreciation $55,000). The fair value of ZZZ's fixtures D was $28,000. BBB gave up fixtures with a book value of $20,000 (cost $45,000 and accumulated depreciation $25,000). The fair value of BBB's fixtures was $30,000. (The transaction had commercial substance.) 4. On February 1, 2021, ZZZ purchased additional fixtures E for the building. The cost of the fixtures E was $35,000. 5. On July 15, 2021, ZZZ exchanged some of machinery A and acquired a newer machine F by giving up some of machine A, that originally cost $45,000, has a book value of $20,000, and is worth $32,000. In addition, ZZZ received $5,000 cash. Methods, Useful Life, and Salvage Value (if any): Useful Life 40 yrs 20 yrs Building Machinery Fixtures Computer and networking equipment Method S/L 150% DB S/L 200% DB Salvage value $100,000 N/A N/A #35,000 10 yrs 3 yrs - Required: 1. Everything must be prepared in Excel: a. Must be in logical accounting format b. Journal entries MUST be in correct format - no exceptions - poor format will result in the deduction of penalty points. (By the way, dollar signs are not used in journal entries, but commas are.) e. Must use formulas wherever possible - no exceptions - will result in the deduction of penalty points (even if the amounts are correct). 2. Journal entries -- prepare journal entries for all the above transactions AND the annual depreciation entries. Prepare them all in chronological order. 3. Prepare a depreciation schedule for each asset, as we did in class. The schedule for each asset should extend to 12/31/2023. 4. Prepare a summary schedule for 2021 depreciation

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