Crackling Fried Chicken bought equipment on January 2, 2024, for $21,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Crackling estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 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 computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Dopreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2-2024 12-31-2024 + + 12-31-2025 12-31-2026 11 12-31-2027 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 computations. Note: Three depreciation schedules must be prepared. 2. Which method tracks the wear and tear on the equipment most closely? your -21 Cost Less : Depreciatio Book value at the Depreciation for 20. Date Acccount title Aug 31,2018 Depreciation expense-Fix. Accumulated depreciation- To record depreciation of fix Market value of assets received Less : Book value of assets dispos cost Less : accumulated depreciation=720 Gain or (Loss)