Case 4 On January 3, 2016, Wilde Enterprises purchased a truck at a cost of $65,000. Before placing the truck in service, Wilde spent $4,000 painting it, $2,500 replacing tires, and $8,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The trucks annual mileage is expected to be 22,000 miles in each of the four years and 12,000 miles in the fifth year100,000 miles in total. In deciding which depreciation method to use, L. Pelletier, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining. Requirements: 1. Prepare depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Wilde 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 Wilde uses the truck. Identify the depreciation method that meets the companys objective.