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Question Help On January 1, 2018, Quick Delivery Service purchased a truck at a cost of $65.000 Before placing the truck in service, Quick spent $3,000 painting it. $500 replacing tires, and $11,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual mileage is expected to be 23,000 miles in each of the first four years and 13,000 miles in the fifth year-105,000 miles in total. In deciding which depreciation method to use, Harvey Warner, 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 Accumulated Depreciation Book Value Life Cost Begin by preparing a depreciation schedule using the straight line method Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Expense Date Cost 1-1-2018 12.31.2018 12.31 2010 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 Question Help On January 1, 2018, Quick Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Quick spent $3,000 painting it, $500 repla tires, and $11,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual mileage is expected to be 23.000 miles in each of the first four years and 13,000 miles in the fifth year-105,000 miles in total In deciding which depreciation method to use Harvey Warner, 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 12-31-2022 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 Prepare a depreciation schedule using the units of production method. (Enter the depreciation per unit to two decimal places, SX XX) Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Date Cost Per Unit Units Expense 1-1-2018 12-31-2018 12 31-2019 Accumulated Depreciation Book Value Choose from any list or enter any number in the input fields and then continue to the next question on January 1, 2018, Quick Delivery Service purchased a truck at a cost of $65.000 Before placing the truck in service, Quick spent $3,000 painting its res, and $11,000 overhauling the engine The truck should remain in service for five years and have a residual value of $6.000. The truck's annual mile expected to be 23.000 miles in each of the first four years and 13 000 miles in the fifth year-105 000 miles in total in deciding which depreciation metho Harvey Warner, the general manager requests a depreciation schedule for each of the depreciation methods (straight line units of production and double declining balance) Accumulated Depreciation Book Value Read the requirements Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Date Cost Value Rate Expense 1-1-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31 2022 Requirement 2. Quick prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use Consider first year that Quick 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 method. It produces the depreciation expense and therefore the highest net income Choose from any list or enter any number in the input fields and then continue to the next question Questi On January 1, 2018 Quick Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Quick spent $3,000 painting it. 55 tures, and $11,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual milea expected to be 23.000 miles in each of the first four years and 13,000 miles in the fifth year-105,000 miles in total. In deciding which depreciation method Harvey Warner, the general manager, requests a depreciation schedule for each of the depreciation methods (straight line, units of production, and double declining balance) Accumulated Depreciation Book Value Read the requirements Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Date Cost Value Rate Expense 1-1-2018 12-31 2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Requirement 2. Quick prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider first year that Quick uses the truck. Identify the depreciation method that meets the company's objectives The depreciation method that reports the highest not income in the first year is the expense and therefore the highest net income method it produces the depreciation Choose from any list or enter any number in the input fields and then continue to the next