$3$ Using Excel to Calculate Double$-$Diminishing$-$Balance

$4$ Depreciation

$5$ PROBLEM

Audio Systems purchased a delivery truck on January $1,2024.$ The company has a December $31$ year end. Additional information concerning the truck follows.

Purchase price of truck

Residual value

Useful life

$$80,000$

$8,000$

$4$ years

Student Work Area

Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work area as indicated.

Using the diminishing$-$balance method and assuming the depreciation rate is equal to double the straight$-$line rate, calculate the depreciation:

a$.$ For each year of the truck's life Rate

$\backslash$table$[[,\backslash$table$[[$January $1],[$Carrying$],[$Amount$]],$Rate,$\backslash$table$[[$Depreciation$],[$Expense$]],\backslash$table$[[$December $31],[$Carrying$],[$Amount$]]],[2021,,0\%,,],[2022,,0\%,8,],[2023,,0\%,,],[2024,,0\%,,]]$

b$.$ In total over the truck's life

Total