G ACC 213 - Chapter 8 Instructions & Template.xlsx Part 1 is a series of depreciation calculations. Use formulas/cell references to make your work as efficient as possible. Part 2 requires adjusting entries and a short written explanation. Instructions Use the following data to complete the depreciation calculations: Equipment urchased on 1/2/2021 Cost of Equipment $140,000 Expected Le (for SL and DOB) 10 years Expected Le (for Units of Production) 60,000 product units Expected Selvage for Besidual Value $20.000 Part 1: Straight-Line depreciation Part A - use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Part 8 using the Excel function(click on fx, choose SLN, fill in the arguments screen), calculate the depreciation expense for years 1, 9 and 10. Units of Production (Units of Output) depreciation Use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Previous Next Dashboard Calendar To Do Notifications Inbox ACC 213 - Chapter 8 Instructions & Template.xlsx Apply your formulas without considering whether you've depreciated too much or too little of the assett Note: there is no Excel fx for Units of Production depreciation. Double-Declining Balance depreciation Part A - use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Apply your formulas without considering whether you've depreciated too much or too little of the assett Part B - using the Excel function (click on tx choose DDB, fill in the arguments screen), calculate the depreciation expense for years 1, 9 and 10. Part 2: Part A - complete adjusting entries for each type of depreciation method as of 12/31/21. Part 8 - answer the question in the commentary section Part 1 -- Calculations Straight-Line Depreciation Part A: Construct formulas to calculate Depreciation Expense for each year, and Accumulated Depreciation and Book Value at the end of each year. Depreciation Accumulated Book Expense Depreciation Value Previous Next Dashboard Calendar To Do Notifications Inbox ACC 213 - Chapter 8 Instructions & Template.xlsx $140,000 1/2/21 Year 1 Year Year Year 4 Year 5 Year 6 Year Year 8 Year 9 Year 10 Part B: Using Excel function (1x SLN), determine the depreciation expense for: Year 1 Year 10 Units of output (Units of Production) Depreciation Previous Next Dashboard SRE Calendar To Do Notifications Inbox ACC 213 - Chapter 8 Instructions & Template.xlsx Construct formulas to calculate Depreciation Expense for each year, and Accumulated Depreciation and Book Value at the end of each year. Apply the formula without considering whether you've depreciated too much or too little of the asset Actual Number of Depreciation Accumulated Book Units Produced Expense Depreciation Valve 1/2/21 $140,000 12.200 Year 1 9,800 Year 2 3,400 Year 3 2.100 Year 4 12.900 Year 5 5,200 Year 6 2,200 Year 2 1,200 Year 8 400 Year 9 3200 Year 10 Previous Next Dashboard BH Calendar To Do Notifications Inbox ACC 213 - Chapter 8 Instructions & Template.xlsx Double-Declining Baldnce Depreciation Part A: Construct formulas to calculate Depreciation Expense for each year & Accumulated Depreciation and Book Value at the end of each year. Apply the mula without considering whether you've deprecated too much or too little of the asset! Depreciation Accumulated Book Expense Depreciation Value 1/2/21 $140,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 2 Year 8 Year 9 Year 10 Previous Next Dashboard SRE Calendar To Do Notifications Inbox ACC 213 - Chapter 8 Instructions & Template.xlsx Part B: Using Excel function (fx DDB), determine the depreciation expense for: Year 1 Year 9 Year 10 Part 2 -- Adjusting Entries & Commentary. A. Prepare the adjusting journal entry for depreciation on 12/31/21 three different ways: Straight-Line, Units of Production, and Double Declining Balance. Acct Titles Debit Credit Adjusting Entry: Straight-Line Adjusting Entry Units of Prod. Adjusting Entry: DDB Previous Next Dashboard Calendar To Do Notifications Inbox ACC 213 - Chapter 8 Instructions & Template.xlsx Part 2 -- Adjusting Entries & Commentary A. Prepare the adjusting journal entry for depreciation on 12/31/21 three different ways: Straight-Line, Units of Production, and Double Declining Balance. Acct Titles Debit Credit Adjusting Entry: Straight-Line Adjusting Entry: Units of Prod. Adjusting Entry: DDB B Are the calculations you made for depreciation expense for Double-Declining Balance and Units of Production (in) correct? JeAnswer Yes or No and explain why your calculations are correct or incorrect) Previous Next Dashboard Calendar To Do Notifications Inbox