ABC, Incorporated constructed equipment at a total cost of $1,000,000. Construction was completed at the...
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| ABC, Incorporated constructed equipment at a total cost of $1,000,000. Construction was completed at the end of 2022 and the equipment was placed in service at the beginning of 2023. The equipment was being depreciated over a 10-year life using the sum-of-the-years-digits method. The residual value is expected to be $50,000. At the beginning of 2026, ABC decided to change to the straight-line method. |
| Equipment cost | $1,000,000 | |
| Equipment useful life | 10 | |
| Residual value | $50,000 | |
| Depreciation Expense | ||
| Year | SYD method | Straight-line method |
| 1 | $95,000 | |
| 2 | $95,000 | |
| 3 | $95,000 | |
| Totals | $285,000 |
How do you use the =SYD formula on excel to calculate the depreciation expense for years 1-3?
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