T 67% Zoom View Add Category Insert Table Chart Text Shape Media Comment Collaborate Format Organize + Depreciation Template N 0 R s T w . 5 6 8 9 10 11 12 13 14 15 16 17 18 19 20 E G H J K L M Lab #7 is divided into two parts: Part 1 is a series of depreciation calculations. Use formulas/cell references to make your work as efficient as possible. Part 2 requires adjusting entries and a short written explanation. Instructions Use the following data to complete the depreciation calculations! Fouipment Purchased on 1/2,2021 Coat of Equipment S140,000 Expected ura (for 5L and DDB) 10 years Expected ure (for Units of Production) 60,000 product units Expectec Savage for Residual Value) 320,000 Part 1: 22 Straioht-Line depreciation Part A -use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Part B - using the Excel function (click on fx, choose SLN, fill in the arguments screen), calculate the depreciation expense for years 1, 9 and 10. Units Of Production (Units of Outout) depreciation Use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Apply your formulas without considering whether you've depreciated too much or too little of the asset! Note: there is no Excel fx for Units of Production depreciation. Double-Declinina Balance depreciation Part A - use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Apply your formulas without considering whether you've depreciated too much or too little of the asset! Part B - using the Excel function (click on fx, choose DDB, fill in the arguments screen), calculate the depreciation expense for years 1, 9 and 10. 24 25 Part 2: Part A - complete adjusting entries for each type of depreciation method as of 12/31/21. Part B. answer the question in the commentary section 39 40 41 42 43 45 4:3 42 48 49 50 Part 1 -- Calculations Straight-Line Depreciation Part A: Construct formulas to calculate Depreciation Expense for each year, and Accumulated Depreciation and Book Value at the end of each year. Depreciation Lccumulated Book Expense Depreciation Value 1/2/21 $140,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year G Year 2 Year u Year 9 Year 10 Part B: Using Excel function (tx SLN), determine the depreciation expense for: Year 1 Year Year 10 59 61 52 64 85 Units of Output (Units of Production) Depreciation Construct formulas to calculate Depreciation Expense for each year, and Accumulated Depreciation and Book Value at the end of each year. Apply the formula withaut considering whether you've depreciated too much ar too little of the asset! DY T 67% Zoom e Format Organize View Add Category Insert Table Chart Text Shape Media Comment Collaborate + 10 1 J K L N D 0 s U w 66 62 68 69 70 71 72 73 74 Depreciation Template A BC E H Apply the formula without considering whether you've depreciated too much or too little of the asset! Actual Number of Depreciation Accumulated donk Units Produced Expense Depreciation Value 1/2/21 $140,000 12,200 Year 1 2,200 V... Year 2 3.100 Yeer 3 7,100 Year 4 12.000 5 5,200 Years 9,700 Yea-7 1,200 Years 400 Year 9 3.700 Year 10 81 85 86 52 89 90 91 92 93 94 94 AR 23 97 Double-Declining balance Depreciation Part A: Construct formulas to calculate Depreciation Expense for each year & Accumulated Depreciation and Book Value at the end of each year. Apply the famo's without considering whether you've depreciated too much or too die of the asset Depreciation Iccurated Book Expense Depreciation Value 1/2/21 $141.000 Year 1 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 2 Year R Yaar Year 10 99 100 101 102 103 1 104 105 Part B: Using Excel function (fx DDB), determine the depreciation expense for: Year 1 106 103 Year Year 10 100 109 110 111 12 118 714 215 1165 Part 2 -- Adiustina Fntries & Commentary. Prepare the adjusting journal entry for depreciation on 12/31/21 three different ways: Straight-Line Units of Production, and Double Declining Balance. Aoct Thes Debit Credit Adjusting Entry: Straight-une Adjusting Entry: Units of Prud. Adjusting enty: DDES 115 119 120 121 122 123 124 125 126 164 127 123 B. kre the calculations YUU made for cepreciation expense for Double-Declining balance and Uhrs of Production ( pet ) correct? (Ansacr Yes or No and explain why your calculations are correct ar incorrect). T 67% Zoom View Add Category Insert Table Chart Text Shape Media Comment Collaborate Format Organize + Depreciation Template N 0 R s T w . 5 6 8 9 10 11 12 13 14 15 16 17 18 19 20 E G H J K L M Lab #7 is divided into two parts: Part 1 is a series of depreciation calculations. Use formulas/cell references to make your work as efficient as possible. Part 2 requires adjusting entries and a short written explanation. Instructions Use the following data to complete the depreciation calculations! Fouipment Purchased on 1/2,2021 Coat of Equipment S140,000 Expected ura (for 5L and DDB) 10 years Expected ure (for Units of Production) 60,000 product units Expectec Savage for Residual Value) 320,000 Part 1: 22 Straioht-Line depreciation Part A -use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Part B - using the Excel function (click on fx, choose SLN, fill in the arguments screen), calculate the depreciation expense for years 1, 9 and 10. Units Of Production (Units of Outout) depreciation Use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Apply your formulas without considering whether you've depreciated too much or too little of the asset! Note: there is no Excel fx for Units of Production depreciation. Double-Declinina Balance depreciation Part A - use Excel formulas to calculate depreciation expense, accumulated depreciation, and book values at 12/31 for each year. Apply your formulas without considering whether you've depreciated too much or too little of the asset! Part B - using the Excel function (click on fx, choose DDB, fill in the arguments screen), calculate the depreciation expense for years 1, 9 and 10. 24 25 Part 2: Part A - complete adjusting entries for each type of depreciation method as of 12/31/21. Part B. answer the question in the commentary section 39 40 41 42 43 45 4:3 42 48 49 50 Part 1 -- Calculations Straight-Line Depreciation Part A: Construct formulas to calculate Depreciation Expense for each year, and Accumulated Depreciation and Book Value at the end of each year. Depreciation Lccumulated Book Expense Depreciation Value 1/2/21 $140,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year G Year 2 Year u Year 9 Year 10 Part B: Using Excel function (tx SLN), determine the depreciation expense for: Year 1 Year Year 10 59 61 52 64 85 Units of Output (Units of Production) Depreciation Construct formulas to calculate Depreciation Expense for each year, and Accumulated Depreciation and Book Value at the end of each year. Apply the formula withaut considering whether you've depreciated too much ar too little of the asset! DY T 67% Zoom e Format Organize View Add Category Insert Table Chart Text Shape Media Comment Collaborate + 10 1 J K L N D 0 s U w 66 62 68 69 70 71 72 73 74 Depreciation Template A BC E H Apply the formula without considering whether you've depreciated too much or too little of the asset! Actual Number of Depreciation Accumulated donk Units Produced Expense Depreciation Value 1/2/21 $140,000 12,200 Year 1 2,200 V... Year 2 3.100 Yeer 3 7,100 Year 4 12.000 5 5,200 Years 9,700 Yea-7 1,200 Years 400 Year 9 3.700 Year 10 81 85 86 52 89 90 91 92 93 94 94 AR 23 97 Double-Declining balance Depreciation Part A: Construct formulas to calculate Depreciation Expense for each year & Accumulated Depreciation and Book Value at the end of each year. Apply the famo's without considering whether you've depreciated too much or too die of the asset Depreciation Iccurated Book Expense Depreciation Value 1/2/21 $141.000 Year 1 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 2 Year R Yaar Year 10 99 100 101 102 103 1 104 105 Part B: Using Excel function (fx DDB), determine the depreciation expense for: Year 1 106 103 Year Year 10 100 109 110 111 12 118 714 215 1165 Part 2 -- Adiustina Fntries & Commentary. Prepare the adjusting journal entry for depreciation on 12/31/21 three different ways: Straight-Line Units of Production, and Double Declining Balance. Aoct Thes Debit Credit Adjusting Entry: Straight-une Adjusting Entry: Units of Prud. Adjusting enty: DDES 115 119 120 121 122 123 124 125 126 164 127 123 B. kre the calculations YUU made for cepreciation expense for Double-Declining balance and Uhrs of Production ( pet ) correct? (Ansacr Yes or No and explain why your calculations are correct ar incorrect)