File

AutoSave

off

$$

$$

$$

Week$14$FinalExamination$\_$Question$5-$ Protected..

Saved to this PC

Search

Insert Page Layout Formulas Data Review View Help Acrobat

B$18$

$$ vdots$f_x$

$$

$$

A

B

Function: SLN; Formula: Multiply; Cell Referencing

Using Excel to Account for Equipment PROBLEM

Student Work Area

$q,$

On July $1,2024,$ Lin Du Company purchases equipment with an expected salvage value of zero for cash. The company uses straight$-$line depreciation. Lin Du Company has a December $31$ year end. Information concerning the equipment is presented here.

a$.$ Record the purchase of the equipment.

Cash purchase of equipment

$ $40,000q,$ Credit Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated.

Estimated useful life in years

$8$

$7-1-24$

J

K

$L$

M

N

N

b$.$ Use the SLN function to determine the amount of depreciation Lin Du Company should record for the year of the equipment purchase.

Depreciation expense

c$.$ Prepare the adjusting entry for depreciation at December $31,2024.$

$q,$

Enter Answer

$(1)2$

$22C$

Cloudy

Search