1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Speedy prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Speedy uses the truck. Identify the depreciation method that meets the company's objectives. Print Done On January 2, 2018, Speedy Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Speedy spent $2,200 painting it, $800 replacing tires, and $4,700 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year-92.800 miles in total. In deciding which depreciation method to use, Jordan Lipnik, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-lino, units-of-production, and double-declining balance). Read the requirement Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2-2018 12-31-2018 + 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Choose from any list or enter any number in the input fields and then continue to the next question. On January 2, 2018, Speedy Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Speedy spent $2.200 painting it $800 replacing tires, and $4.700 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20.000 miles in each of the first four years and 12,800 miles in the fifth year 92,800 miles in total. In deciding which depreciation method to use Jordan Lipnik, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining balance) Read the facultamen TOTUL Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal places.) Depreciation per unit ales s Prepare a depreciation schedule using the units-of-production mothod(Enter the depreciation per unit to two decimal places, $x.xx.) Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Book Date Cost Per Unit Units Expense Depreciation Value 1-2-2018 12-31-2018 12-31-2019 12-31-2020 Choose from any list or enter any number in the input fields and then continue to the next question On January 2, 2018, Speedy Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Speedy spent $2,200 painting, $800 replacing tires, and $4,700 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year 92,800 miles in total. In deciding which depreciation method to use, Jordan Lipnik, the general manager, requests a depreciation schedule for each of the depreciation methode (straight-line, units of production, and double-declining-balanco) Book Value Read the futurement Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Date Cost Per Unit Units Expense Depreciation 1-2-2018 12-31-2018 12-31-2010 12-31-2020 12-31-2021 12-31-2022 Prepare a depreciation schedule using the double-declining balance (DDB) method. (Round dopreciation expense to the nearest whole dollar) Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Accumulated Book tha novotinn On January 2, 2018, Speedy Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Speedy spent $2,200 painting it, $800 replacing tiros, and $4,700 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year-92,800 miles in total. In deciding which depreciation method to use, Jordan Lipnik, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining balance) Read the attitomen Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Accumulated Book Date Cost Value Rate Expense Depreciation Value 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Requirement 2. Speedy prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Speedy uses the truck. Identify the depreciation method that meets the company's objectives The depreciation method that reports the highest net income in the first year is the V method. It produces the depreciation expense and therefore the highest net income X Choose from any list or enter any number in the input fields and then continue to the next