Using Excel create depreciation schedule for the Straight-Line and Double-Declining-Methods for the following Long-Term assets:

Asset 1 Office Furniture

Acquisition cost $30,000

Residual value $5,000

Useful life 7 years--------

Asset 2 Delivery Truck

Acquisition cost $40,000

Residual value $5,000

Useful life 5 years-------

Asset 3 Computer

Acquisition cost $2000

Residual value $0

Useful life 4 years

For each asset create its own Tab (Sheet) in the Excel worksheet and name the corresponding sheet by the asset.

At the top of each sheet create the input cells with the initial parameters of the asset (Name, Acquisition Cost, Residual Value, and Useful Life)

Below create Depreciation schedule for the (a) Straight-Line and (b) Double-Declining-Methods using formulas and cell references.

Use the in class excel example as a template for your answers.