Welcome to Tower and Mindak CPAS! We are glad to have you on our accounting team. We are a consulting firm that works with clients to solve their accounting issues. Crowe Inc., a start-up manufacturing client, has recently purchased machinery for their plant and has asked for our advice on the asset's depreciation. In particular, they are trying to understand the differences in their depreciation expense as a result of choosing the various options in depreciation methods. You have been asked to compute the depreciation for the asset's useful life using straight line, sum of the years and double declining balance. Please complete the following steps: 1. Crowe Inc. purchased and put into use the machine on January 1t, 2019 for $600,000. machine has a salvage value of 50,000 and a useful life of 10 years. The Instructions: Use Excel to prepare the client's depreciation schedules. See the text in chapter 11 for suggested formats of the Sum-of-the-years'-digits (Illustration 11-6) and double-declining balance (illustration 11-7) methods. For straight-line depreciation, use the following columns: Year, Depreciation Expense, Accumulated Depreciation Balance, and Book value. For the double declining balance method adjust depreciation as necessary in the final year. a. Compute the amount of depreciation for years 1 through 10 for the machine using the straight-line depreciation method. b. Compute the amount of depreciation for years 1 through 10 for the machine using the sum-of-years-digits depreciation method. Compute the amount of depreciation for years 1 through 10 for the machine using the C. double-declining ba lance method. (Round your answers to the nearest dollar.) Requirement: (12 points) Provide Crowe Inc. with a printed copy of the depreciation schedules as calculated above. In addition, print out a copy of the formulas to earn full credit. Note: You need to start with the following facts in the excel spreadsheet. Then, derive all of the depreciation calculations from these facts to create formulas in the spreadsheet: Problem Facts: 1/1/2019 Date Purchased Year in use 2019 Purchase Price 600,000 Useful Life (in years) 10 Salvage Value 50,000 2. Crowe has also asked you to calculate the tax depreciation for this asset. You have explained to them that the IRS requires a specific useful life and method. Requirement: (3 points) compute the tax depreciation for this asset using the schedules in the appendix for chapter 11. Remember you must identify the asset class appropriate for a machine used in manufacturing and then using excel compute the depreciation using the IRS defined rates for each of the years of this asset recovery life