Sullivan Ranch Corporation has purchased a new tractor. The following information is given: $150,000 $10,000 Cost: Estimated Residual: Estimated Life in years: Estimated Life in hours: Actual Hours: Year 1 Year 2 Year 3 Year 4 1200 360 270 350 220 Required: 1. Prepare the following Straight-Line depreciation schedule by using the Excel SLN function to calculate Depreciation Expense and entering formulas for the remaining cells. Use absolute cell references when appropriate. Depreciation Schedule-Straight-Line Method End of year amounts Depreciatio Depreciatio n Expense n $42,000 Year 1 2 WN 3 $31,500 $40,833 $25,667 $25,667 2. Prepare the following Activity Based depreciation schedule by entering formulas. Use absolute cell references when appi (Use cells A4 to B12 from the given information to complete this question.) 4 Total SULLIVAN RANCH CORPORATION Year 1 $42,000 $73,500 $114,333 $140,000 2 3 4 Total SULLIVAN RANCH CORPORATION Depreciation Schedule-Activity Based Method End of year amounts Book Value $108,000 $76,500 $35,667 $10,000 Depreciatio Depreciatio n Expense n Book Value 3. Prepare the following Double-Declining-Balance depreciation schedule by using the Excel DDB function to calculate Depreciation Expense and entering formulas for the remaining cells. Use absolute cell references when appropriate. (Use cells A4 to B12 from the given information to complete this question.) SULLIVAN RANCH CORPORATION Depreciation Schedule-Double-Declining-Balance Method End of year amounts Year 1 2 3 4 Total Depreciatio Depreciatio n Expense n Book Value