^These are the correct answers. However I need the formulas. Could you please determine the formulas used and show the formula view?
This is the template I have to work with below. Thank you! 
b. Enter the effects of the following items for Year 1. (1) At the beginning of Year 1, Crist purchased for $10,000 cash a lawn mower it expects to use for five years. Salvage value is estimated to be $2,000. As stated, Crist uses the straight-line method of depreciation for financial statement purposes, and the MACRS method for income tax purposes. Use formulas to calculate the depreciation expense for each method. No equipment was sold during Year 1; therefore, no gain or loss would be reported this year. The income tax rate is 30 percent. For simplicity, assume that the income tax payable was paid in Year 1. Complete the schedules for income reporting, reporting of equipment, and reporting of cash flows for Year 1. Use formulas for all calculations. c. Enter the effects of the following items for Year 2. (1) Crist used the mower for the entire Year 2. Enter Year 2 depreciation expense amounts for the income reporting section of your spreadsheet. At December 31, Crist sold the lawn mower for $7,000. Calculate the gain or loss on the sale for the income reporting section. Use formulas to make the calculations. The income tax rate is 30 percent. For simplicity, assume that the income tax payable was paid in Year 2 (4) Complete the schedules for income reporting and reporting of cash flows for Year 2. (3) FRAROL STATINIS Rs. HEELS _ ITTED'S H E . NEI --- ! _ TITI | | Tam 90000 100000 90000 om 5000 45000 50000 95000 5000 0- 0 | 10 1000 43,400 48400 91200 - 200 Gintama ungen 43,400 48000 91,000 BO _ 480 | 17,000 "Ew 20130 HT) 64100 N IP IT mm 10 mm 50000 PO 50000 5000 100 57200 40,000 D300 1200 1200 1900 TA00 200 - sI E cots 006 ooru | of | 00CH oori | N 64100 -- 0 _ - _ HY_ BLES. I . - 05_ 10000 MS -2017 000 ku.. 008 Dots IF 4 - " 3.1.... : PUR AUR TIE I m | 000 - S.. 7000 ( (45) 1,00) r s 900 [4700) [Zp00) FINANCIAL STATEMENTS Year 1 90.000 45,000 45,000 Year 2 100.000 50,000 50,000 Income Reporting Total 190,000 95,000 95,000 formula required manual entry total points 13 cells in column B+C 6 cells in column B +C 19 cells worth 5.26 pts each Income Statement 6 Mowing revenue Operating expenses except depreciation Income before depreciation and taxes 9 Depreciation expense (Straight-line) 10 Operating income 11 Gain (loss) on sale of equipment 12 Income before taxes 13 Income tax expense (30%) 14 Net income Reporting of Equipment Year 1 Year 2 Balance Sheet - Assets 18 Equipment 19 Accumulated depreciation 20 Book value 21 22 Year 1 Year 2 Reporting of Cash Flows Total 25 23 Statement of Cash Flows 24 Investing Activities Purchase equipment 26 Sell equipment 27 Operating Activities 28 Income taxes paid amounts given in instructions, do not grade 29
