Crackling Fried Chicken bought equipment on January 2, 2024, for $42,000. The equipment was expected to remain in service for four years and to operate for 7,200 hours. At the end of the equipment's useful life, Crackling estimates that its residual value will be $6,000. The equipment operated for 720 hours the first year, 2,160 hours the second year, 2,880 hours the third year, and 1,440 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 Accumulated Book Depreciation Expense Date Cost Cost Life Depreciation Value 1-2-2024 $ 42,000 12-31-2024 36,000 - 4 years 12-31-2025 36,000 = 4 years II 12-31-2026 36,000 = 4 years Il 12-31-2027 36,000 = 4 years II Choose from any list or enter any number in the input fields and then click Check