10-31A Determining asset cost, recording first-year depreciation, and identifying depreciation results that meet management objectives On January 3, 2016, Fast Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Fast spent $3,000 painting it, $1,500 replacing tires, and $3,500 overhauling the engine. The truck should remain in service for five years and have a residlual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year-130,000 miles in total. In deciding which depreciation method to use, Steven Kittidge, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double declining-balance). f $5,000. The truck's annual mileage iS