I really need help with question 2
ert B View Format Arrange View Share Window Help 304 Case Fall 2019 126% + .. T Zoom Add Page Insert Table Chart Text Shape Media Comment complete the following steps: 1. Crowe Inc. purchased and put into use the machine on January 14, 2019 for $500,000 The machine has a salvage value of 50,000 and a useful life of 8 years. Instructions: Use Excel to prepare the client's depreciation schedules. See the text in chapter 11 for suggested formats of the Sum-of-the-years-digits (Illustration 11-6) and double-declining balance (Illustration 11-7) methods. For straight-line depreciation, use the following columns: Year, Depreciation Expense, Accumulated Depreciation Balance, and Book value. For the double declining balance method adjust depreciation as necessary in the final year. a. Compute the amount of depreciation for years 1 through 8 for the machine using the straight-line depreciation method. b. Compute the amount of depreciation for years 1 through 8 for the machine using the sum-of-years-digits depreciation method. C. Compute the amount of depreciation for years 1 through 8 for the machine using the double-declining balance method. (Round your answers to the nearest dollar.) Requirement: (12 points) Provide Crowe Inc. with a printed copy of the depreciation schedules as calculated above. In addition, print out a copy of the formulas to earn full credit. To do this in excel choose the show formulas" option and you will see your spreadsheet with only formulas in cells. Print a copy of that view and submit with a completed spreadsheet with values. Note: You need to start with the following facts in the excel spreadsheet. Then, derive all of the depreciation calculations from these facts to create formulas in the spreadsheet: Problem Facts: 1/1/201 Date Purchased Year in use Purchase Price 2019 500,000 MacBook Pro Insert D View Format Arrange View Share Window Help 304 Case Fall 2019 125% + T EE T Zoom Add Page Insert Table Chart Text Shape Media Com OC. You cu o scurt W CIT CHIC TOURIS TUCU CHIC CACCE CUCCA derive all of the depreciation calculations from these facts to create formula spreadsheet: Problem Facts: 1/1/201 Date Purchased Year in use Purchase Price 2019 500,000 Useful Life (in years) Salvage Value 50,000 Preview File Edit View Go Tools Window Help media-c76-c765b014-a80b-49ce-bdd4-5b1b512e58f5-image.png Q Search Crowe has also asked you to calculate the tax depreciation for this asset. You have explained to them that the IRS requires a specific useful life and method. Requirement: (3 points) compute the tax depreciation for this asset using the schedules in the appendix for chapter 11. Remember you must identify the asset class appropriate for a machine used in manufacturing and then using excel compute the depreciation using the IRS defined rates for each of the years of this asset recovery life. Salvage Value 50,000 ert B View Format Arrange View Share Window Help 304 Case Fall 2019 126% + .. T Zoom Add Page Insert Table Chart Text Shape Media Comment complete the following steps: 1. Crowe Inc. purchased and put into use the machine on January 14, 2019 for $500,000 The machine has a salvage value of 50,000 and a useful life of 8 years. Instructions: Use Excel to prepare the client's depreciation schedules. See the text in chapter 11 for suggested formats of the Sum-of-the-years-digits (Illustration 11-6) and double-declining balance (Illustration 11-7) methods. For straight-line depreciation, use the following columns: Year, Depreciation Expense, Accumulated Depreciation Balance, and Book value. For the double declining balance method adjust depreciation as necessary in the final year. a. Compute the amount of depreciation for years 1 through 8 for the machine using the straight-line depreciation method. b. Compute the amount of depreciation for years 1 through 8 for the machine using the sum-of-years-digits depreciation method. C. Compute the amount of depreciation for years 1 through 8 for the machine using the double-declining balance method. (Round your answers to the nearest dollar.) Requirement: (12 points) Provide Crowe Inc. with a printed copy of the depreciation schedules as calculated above. In addition, print out a copy of the formulas to earn full credit. To do this in excel choose the show formulas" option and you will see your spreadsheet with only formulas in cells. Print a copy of that view and submit with a completed spreadsheet with values. Note: You need to start with the following facts in the excel spreadsheet. Then, derive all of the depreciation calculations from these facts to create formulas in the spreadsheet: Problem Facts: 1/1/201 Date Purchased Year in use Purchase Price 2019 500,000 MacBook Pro Insert D View Format Arrange View Share Window Help 304 Case Fall 2019 125% + T EE T Zoom Add Page Insert Table Chart Text Shape Media Com OC. You cu o scurt W CIT CHIC TOURIS TUCU CHIC CACCE CUCCA derive all of the depreciation calculations from these facts to create formula spreadsheet: Problem Facts: 1/1/201 Date Purchased Year in use Purchase Price 2019 500,000 Useful Life (in years) Salvage Value 50,000 Preview File Edit View Go Tools Window Help media-c76-c765b014-a80b-49ce-bdd4-5b1b512e58f5-image.png Q Search Crowe has also asked you to calculate the tax depreciation for this asset. You have explained to them that the IRS requires a specific useful life and method. Requirement: (3 points) compute the tax depreciation for this asset using the schedules in the appendix for chapter 11. Remember you must identify the asset class appropriate for a machine used in manufacturing and then using excel compute the depreciation using the IRS defined rates for each of the years of this asset recovery life. Salvage Value 50,000
