Crane Company purchased equipment on account on September 3,2022, at an invoice price of $203,000. On September 4,2022 , it paid $5,600 for delivery of the equipment. A one-year, $2,013 insurance policy on the equipment was purchased on September 6 , 2022. On September 20,2022 , Crane paid $2,400 for installation and testing of the equipment. The equipment was ready for use on October 1, 2022. Crane estimates that the equipment's useful life will be four years, with a residual value of $17.500. It also estimates that, in terms of activity, the equipment's useful life will be 96,750 units. Crane has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment. Cost of equipment 5 Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishing-balance, assuming a rate of 50% 3. units-of-production (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to 0 decimal places, e.g.5.276.) 1. STRAIGHT-LINE DEPRECIATION Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishing-balance, assuming a rate of 50% 3. units-of-production (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to 0 decimal places, e.g.5.276.) 1. STRAIGHT-LINE DEPRECIATION 2. DOUBLEDIMINISHING-BALANCE DEPRECIATION End of Year Depr. Rate Depr. Expense Accum. Depr. Carrying Amount %$ % % % 3. UNITS-OF-PRODUCTION Which method would result in the highest profit for the year ended September 30, 2024? Which method would result in the highest profit over the life of the asset