Acct 1080 Principles of Accounting 1 marwa yalda & 11/08/20 1:08 PM Homework: Week Four: Chapter 10 problems Save Score: 0 of 4 pts 2 of 4 (0 complete) HW Score: 0% 0 of 15 pts PF10-31A (similar to) Question Help On January 2, 2024. On Time Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service. On Time spent $2,200 painting, 5500 replacing tires, and $9, 300 averhauling the engine the truck should remain in service for five years and have a residual value of $8.000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fifth year-140,000 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 requirements 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 1-2-2024 12-81-2024 12-31-2025 $2-31-2026 12-31-2027 12-31-202B Choose from any list or enter any number in the input fields and then click Check Answer Check Anaer Clear All 4 parts remaining ing i Requirements Dep 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. On Time 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 On Time uses the truck. Identify the depreciation method that meets the company's objectives. Print Done