Consider the following (Click the icon to view the information.) Read the requirements. Requirement 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 Before completing the straight line depreciation schedule, calculate the straight line depreciation rate. One year Useful life = (SL) Depreciation rate 1 1 5 = 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 through 2022. Straight-Line Depreciation Schedule Depreciation Depreciable Depreciation Accumulated Asset Date Asset Cost Rate Cost Expense Depreciation Book Value January 2, 2016 204000 December 31, 2018 December 31, 2019 1/5 10800 1/5 40600 Requirements 1. For each depreciation method, prepare a depreciation schedule showing asset cast, 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. Chyler 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 Chyler Enterprises, Inc., uses the equipment. Identity the depreciation methods that meet Chyler Enterprises' objectives, assuming the income tax authorities permit the use of any method. 3. Show how Chyler Enterprises, Inc., would report equipment on the December 31, 2018, balance sheet for each depreciation method. Print Done