If you can help me with part B journal entries please

100% - $ %0.00 123 Calibri - 11 - BI&A. BE T T... ODDY. - - -9 A B D E F G H 1 J K M N 5 6 2 SBC Corp has purchased a new Machine on Jan 1, year 1 paying 10% of the purchase price in cash and signing a 2 year note for the balance. The following information is given: B C Prepare the journal entry to record depreciation of an asset. D Analyze the impact of each depreciaion method on the financial Use Microsoft Excel proficiently to record and summarize Information used in business analysis and decision making REQUIRED FOR POINTS: A. Complete a depreciation schedule for the new tractor using all 3 depreciation methods. Link/reference all cells on your depreciation schedules back to the Given data section. Use the add/sum/subtract functionality as needed. Reference or given data section Each calculation should reference back to this information $ $ 165,000 15,000 70 11 Cost: Estimated Residual: Estimated Life in years Estimated Life in hours B. Record the following in the general journal. Link your amounts back to the depreciation schedule. 4 Numerous examples have been provided or completed in chapter 9 12 1,200 13 Actual hours per year Month Purchased for recalculation question 4 14 75,000 1 2 3 4 75 1. Record the entry for the original purchase on Jan 1, Year 1 2. Record the depreciation journal entry for Dec 31, year 1 for each of the methods. 3. Record the journal entry for each method if the tractor is sold Jan 1, year 3 for $75,000. 4. Recalculate ONLY the year 1 depreciation for each method if the tractor had been purchased on April 1 rather than Jan 1. Record the new year 1 journal entry for this change. If no change is needed, please record "no change in the journal entry. 360 Amount of cash for sale 300 320 220 16 17 1 19 20 C. Provide an answer to the following: Which method will provide the highest net income in year 3 all other factors being equal disregarding the sale? Include a brief explanation for your answer. 21 23 Debit Credit # 25 26 There are some built in formulas in Excel & Sheets related to depreciation. Use them or design your own Answer: DATE DESCRIPTION ACCOUNT Year 1 Jan 1 Tractor Cash 165,000.00 REQ. A 28 Debit Credit 31 332 37,500.00 Prepare a straight-line depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain starting with the purchase date and for each year: the depreciation expense, the accumulated depreciation, the cost, and the book value. Sullivan Ranch Corporation DATE DESCRIPTION/ACCOUNT Depreciation Schedule Straight-line method Year! End of year amounts Doc 31 Depreciation Expense Year Depreciation Expense Accumulated Depreciation Cost Book Value Accumulated Depreciation Purchase Jan 1 year 1 Dec 31 year 1 37500 37500 $ 127,500 Jan 1 Cash Dec 31 year 2 37500 75000 $ 90,000 Accumulated Depreciation Dec 31 year 3 37500 112500 $ 52,500 Estimated Residual: Dec 31 year 4 37500 150000 $ 15,000 Tractor 37,500 96 REQ 8.12 75,000 75,000 15,000 165,000 40 41 42 Prepare a units of production depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain starting with the purchase date and for each year: the depreciation expense, the accumulated depreciation, the cost, and the book value. DESCRIPTION ACCOUNT Debit Credit Sullivan Ranch Corporation Depreciation Schedule Units of production method End of year amounts Depreciation Expense Accumulated Depreciation Cost DATE Year 3 Jan 1 Book Value 44 45 46 -47 -18 19 50 61 sz 53 S4 Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 Dec 31 year 3 Dec 31 year 4 45000 37500 40000 27500 45000 82500 122500 150000 $ $ $ $ 5 120,000 82,500 42.500 15,000 A B G H 1 J J L M 37,500 Depreciation Expense Accumulated Depreciation Cost Book Value Accumulated Depreciation Jan 33 34 85 36 B7 38 99 Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 Dec 31 year 3 Dec 31 year 4 37500 37500 37500 37500 37500 75000 112500 150000 $ $ $ $ $ 127,500 90,000 52,500 15,000 1 Cash Accumulated Depreciation Estimated Residual: Tractor 75,000 75,000 15,000 165,000 30 1 Prepare a units of production depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain starting with the purchase date and for each year: the depreciation expense, the accumulated depreciation, the cost, and the book value. , . 43 54 DESCRIPTION ACCOUNT Debit Credit 5 Sullivan Ranch Corporation Depreciation Schedule Units of production method End of year amounts Depreciation Expense Accumulated Depreciation Cost DATE Year 3 Jan 1 Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 2 Dec 31 year 3 3 Dec 31 year 4 45000 37500 40000 27500 45000 82500 122500 150000 $ $ $ $ 120,000 82,500 42,500 15,000 $ 27 8 19 50 51 52 53 54 55 56 57 58 59 50 51 52 Prepare a double declining depreciation schedule using Excel/Sheet formulas for years 1-4. The schedule should contain starting with the purchase date and for each year: the depreciation expense, the accumulated depreciation, the cost, and the book value. , . DESCRIPTION ACCOUNT Debit Credit Sullivan Ranch Corporation Depreciation Schedule Double declining method End of year amounts Depreciation Expense Accumulated Depreciation Cost DATE Year 1 Dec 31 Book Value Year Purchase Jan 1 year 1 Dec 31 year 1 Dec 31 year 2 2 Dec 31 year 3 Dec 31 year 4 82500 41250 20625 5,625 $ 82500 123750 144375 150,000 $ $ $ $ 82,500 41,250 20,625 15,000 $ 13 54 55 56 52 58 59 30 21 22 22 13 -4 25 26 27 28 29 30 31 32 $