• Manage fixed assets for ABC Corporation using the following data:

  Asset	Acquisition Date	Cost ($)	Useful Life (Years)
  Machinery	Jan 1, XX	$100,000	10
  Vehicles	Jan 10, XX	$50,000	5
  Furniture	Jan 20, XX	$20,000	8

  Requirements:

  • Calculate the annual depreciation expense for each asset using the straight-line method.
  • Prepare a depreciation schedule for the first three years.
  • Present the schedule in a detailed table format.
  • Discuss the importance of proper fixed asset management for financial reporting.