Blossom Company purchased equipment on account on September 3, 2022, at an invoice price of $180,000. On September 4. 2022, it paid $3,700 for delivery of the equipment. A one-year, $1,975 insurance policy on the equipment was purchased on September 6 , 2022. On September 20, 2022. Blossom paid $4,300 for installation and testing of the equipment. The equipment was ready for use on October 1,2022 Blossom estimates that the equipment's useful hife will be four years, with a residual value of $16,000. It also estimates that, in terms of activity, the equipment's wsefullife will be 68.800 units. Blossom has a September 30 fiscal year end. Assume that actual usage is as follows: Blossom Company purchased equipment on account on September 3,2022 , at an invoice price of $180,000,0 n September 4,2022 , it paid $3,700 for delivery of the equipment, A one-vear, $1,975 insurance policy on the equipment was purchased on September 6 . 2022. On September 20.2022, Blossom paid $4,300 for installation and testing of the equipment. The equipment was ready for use on October 1,2022 Blossom estimates that the equipment's useful life will be four years, with a residual value of $16,000. it also estimates that, in terms of activity, the equipment's useful life will be 68.800 units. Blossom has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment: Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishingbalance, assuming a rate of 50% 3. units-of-production (Round depreciable amount per unit to 2 decimal places, es 5.27 and the final answers to 0 decimal ploces, es, 5,276. 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Question Part Score Which method would result in the highest profit for the year ended September 30,2024? Which method would result in the highest profit over the life of the asset