• Sullivan Ranch Corporation has purchased a new tractor. The following information is given: Cost: $150,000 Estimated Residual: $10,000 Estimated Life in years: 4 Estimated Life in hours: 1200 Actual Hours: Year 1 360 Year 2 270 Year 3 350 Year 4 220 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. (Use cells A4 to B12 from the given information to complete this question.) SULLIVAN RANCH CORPORATION Depreciation Schedule-Straight-Line Method End of year amounts Year Depreciation Expense Accumulated Depreciation Book Value 1 $35,000 $35,000 $115,000 2 $35,000 $70,000 $80,000 3 $35,000 $105,000 $45,000 4 $35,000 $140,000 $10,000 Total $140,000 2. Prepare the following Activity Based depreciation schedule by entering formulas. Use absolute cell references when appropriate. (Use cells A4 to B12 from the given information to complete this question.) SULLIVAN RANCH CORPORATION Depreciation Schedule-Activity Based Method End of year amounts Year Depreciation Expense Accumulated Depreciation Book Value 1 $147,000 2 3 4 Total 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 Depreciation Expense Accumulated Depreciation Book Value 1 $75,000 2 3 $18,750 4 $8,750 Total $102,500