Using Excel to Account for Equipment

PROBLEM

On July $1,2024,$ Lin Du Company purchases equipment

with an expected salvage value of zero for cash. The

company uses straight$-$line depreciation. Lin Du Company

has a December $31$ year end. Information concerning the

equipment is presented here.

Cash purchase of equipment

Estimated useful life in years

Student Work Area

Required: Provide input into cells shaded in yellow in this template. Input the required

mathematical formulas or functions with cell references to the Problem area or work area as

indicated.

a$.$ Record the purchase of the equipment.

b$.$ Use the SLN function to determine the amount of depreciation Lin Du Company should

record for the year of the equipment purchase.

Depreciation expense

c$.$ Prepare the adjusting entry for depreciation at December $31,2024.$