apa's Fried Chicken bought equipment on January 2, 2024, for $30,000. The equipment was expected to remain in service for four years and to operate for 4,800 hours. At the end of the equipment's useful life, Papa's estimates that its residual value will be 6,000. The equipment operated for 480 hours the first year, 1,440 hours the second year, 1,920 hours the third year, and 960 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your omputations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Asset Depreciation for the Year Depreciable Useful Depreciation Cost Life Expense Accumulated Book Date Cost Depreciation Value 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Before calculating 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. Cost Accumulated depreciation) = Useful life in units Depreciation per unit ( ( = Prepare a depreciation schedule using the units-of-production method. Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Date Cost Per Unit Units Expense Depreciation 1-2-2024 Book Value 12-31-2024 X 11 12-31-2025 12-31-2026 12-31-2027 Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Enter a "0" for any items with a zero value.) Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Enter a "0" for any items with a zero value.) Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Date Cost Value Rate Expense Accumulated Book Depreciation Value 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Requirement 2. Which method tracks the wear and tear on the equipment most closely? The straight-line method tracks wear and tear most closely