ill INT iuli Normal No Spacing Heading 1 Heading 2 Chapter 5- Depreciation 40 points Assume you purchased a tractor for $200,000 on January 15, 2021. A useful life of 10 years will be used for determining depreciation (different than for tax purposes), with a salvage value of 20% Complete the depreciation schedule in the excel file for straight line, 150% declining balance, and double (200%) declining balance. Once completed, answer the following questions: 1. Which depreciation schedule takes the most depreciation during the first few years? 2. Which takes the least depreciation in the first few years? 3. Why would a farmer choose straight line depreciation over declining balance? Explain 4. Why would a farmer choose declining balance depreciation over straight line? Explain Attach your excel file to the drop box by Saturday 10/3 at 11:59 PM. Focus MacBook Pro F * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. N24 x fx A D E G H 1 1 Straight Line 150% Declining balance Valeat Valus at beginning Deginning or End of your 2 Year of year Depreciation yearvate Year year Depreciation value L M N 0 2009 Double Declining Balance Value at beginning End of Year of year Depreciation yearvale End of 4 5 7 Cost Salvage Value Useful Lire 9 10 11 12 13 14 15 16 Question 1: 17 18 Question 2 19 20 Question 21 22 Question 23 24 25 6 7 5 9 3 Depreciation