Equipment 300,000Notes Payable 270,000Cash 30,000Note that both the liability and asset will decline over time. As in yesterday’s assignment, assume straight line depreciation, with an estimated salvage value of $50,000. At the end of eight years, the equipment is sold for $40,000.On the date of purchase, 1/1/year1, the company hadAssets (possibly among other assets):Equipment $300,000Liabilities (possibly among other liabilities):Note Payable $270,000Prepare a spreadsheet showing what these asset and liability balances will be for years 1 through 8, end of year. You will need to add a line to show accumulated depreciation, as well as "Equipment, net accumulated depreciation". For year 8, show all accounts and balances, even if they are zero.