Consi ( More info Read value Befor On January 4, 2018, Ruiz Enterprises, Inc., paid $225,600 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $200 for transportation charges, $100 for insurance for the equipment while in transit, $11,900 sales tax, and $2,200 for a special platform on which to place the equipment in the plant. Management of Ruiz Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000. The equipment will produce 50,000 units the first year, with annual production decreasing by 5,000 units during each of the next four years (i.e., 45,000 units in year 2: 40,000 units in year 3; and so on, for a total of 200,000 units). In trying to decide which depreciation method to use, Ruiz Enterprises, Inc., requested a depreciation schedule for each of the three depreciation methods (straight-line, units of production, and double-declining balance). Comp 2022 Print Done Date Asset Cost Rate Straight-Line Depreciation Schedule Depreciation Depreciable Depreciation Expense Accumulated Asset Cost Depreciation Book Value January 4, 2018 amounts through Save Consider the following (Click the icon to view the information.) Requirements 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places. 2. Ruiz Enterprises, Inc., prepares financial statements using the depreciation method that reports the highest income in the early years of asset use. For income tax purposes, the company uses the depreciation method that minimizes income taxes in the early years. Consider the first year Ruiz Enterprises, Inc., uses the equipment. Identify the depreciation methods that meet Ruiz Enterprises' objectives, assuming the income tax authorities permit the use of any method. 3. Show how Ruiz Enterprises, Inc., would report equipment on the December 31, 2018, balance sheet for each depreciation method. X le by entering the December 31, 2019 Print Done Consider the following (Click the icon to view the information.) Read the requirement value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places. Before completing the straight-line depreciation schedule, calculate the straight-line depreciation rate. One year 1 Useful life 5 (SL) Depreciation rate 1/5 Complete the Straight-Line Depreciation Schedule. Begin by filling out the schedule through 2019, and then complete the schedule by entering the amounts thro 2022. Straight-Line Depreciation Schedule Date: Asset Cost Depreciation Depreciable Depreciation Rate Cost Expense Accumulated Asset Depreciation Book Value January 4, 2018 December 31, 2018 December 31, 2019