Jan 1, 2016. AAA Purchased an equipment (Cost: $20,000, salvage value: $2,000, useful life 5 years) What is the amount of depreciable sost? Suppose that you are using straight line method to calculate depreciation expense. What is the depreciation rate? 1. Complete the table based on stright-line methed to calculate depreciation. Don't forget to fill all the blanks, including table headings Computation End of Year Annual Depreciation Accumulated Year Depreciation Rate Expense Depreciation Book Value 2. Complete the table based on double declining balance method Computation End of Year Annual Year DereciationRate " Expense Depreciation Book Value 3. Complete the table based on sum of year's digit method End of Year Computation Annual Depreciation Accumulated Rate Expense Depreciation Book Value Year 4. This problem is designed to teach you how to use excel. In this problem, the useful life of this asset is 25 years (cost and salvage value remains the same) Complete the following table based on straight-line method. Computation End of Year Annual Depreciation Rate Expense Depreciation Book Value Year 10 12 13 14 15 16 17 18 19 20 21 5. The follwings are disposal, sale, or exchange of a fixed asset Jounalize the following transactions a AAAretires its equipment, which cost $30,000 Theis equipment is filly depreciated. Complete the jounal er Explanation Credit Date b. AAA discards a kitchen equipment that cost $20,000 and has accumulated depreciation of $18,000 Date Explanation Debit Credit c. AAA sold some furniture and received cash $30,000. The cost of this furniture was $90,000 and had accumulated depreciation of $67,000. Date Explanation Debit Credit d. AAA exchanged old equipment for new equipment. The book value of the old equipment is $30,000 (Cost $80,000, accumulated depreciation S50,000) Its market value is $20,000, and cash of $100,000 has been paid for new equipment Journalyze this transaction Date Explanation Debit Credit 0 .2 3 24 5 e. How much was the gain (or loss) on the above transaction? 26 Gain or loss? 27 Amount