Use the Q6 tab to calculate the accumulated depreciation balance after 8 years. Transaction 1 in Year 1: Purchase asset for $60,000; $0 Salvage Value; 3-year useful life. Scrap asset (throw away) in Year 6. Transaction 2 in Year 3: Purchase asset for $50,000; $0 Salvage Value; 5-year useful life. Keep asset on books and do not throw away. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Transaction: Year 1: Purchase Asset: $60,000 Salvage Value: $0 Useful Life: 3 years Scrap asset (throw away) in Year 6 Year 3: Purchase Asset: $50,000 Salvage Value: $0 Useful Life: 5 years Do not scrap asset - keep on books Depreciation Expense Fixed Asset Accumulated Depreciation Net Asset