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ABC, Incorporated constructed equipment at a total cost of $1,000,000. Construction was completed at the...

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Accounting

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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