Cullumber Company purchased equipment on account on September 3, 2019, at an invoice price of $204,000. On September 4, 2019, it paid $5,700 for delivery of the equipment. A one-year, $2,015 insurance policy on the equipment was purchased on September 6, 2019. On September 20, 2019, Cullumber paid $2,300 for installation and testing of the equipment. The equipment was ready for use on October 1, 2019. Cullumber estimates that the equipment's useful life will be four years, with a residual value of $18,000. It also estimates that, in terms of activity, the equipment's useful life will be 77,600 units. Cullumber has a September 30 fiscal year end. Assume that actual usage is as follows: # of Units Year Ended September 30 15,640 2020 23,940 2021 20,240 2022 18.680 2023 Determine the cost of the equipment. Cost of equipment 3C Mostly cloudy A @ Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishing-balance 3. units-of-production (Round depreciable amount per unit to 2 decimal places, eg. 5.27 and the final answers to 0 decimal places, eg,5,276.) 1. STRAIGHT-LINE DEPRECIATION Depreciable Amount Depr. Rate Depr. Expense Year Accun Depr % 2020 % 2021 % 2022 2023 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Year Carrying Amount Beginning Of Year Acc Depr. Rate Depr. Expense De 2020 $ % $ 2021 % 2022 % 2023 % 3. UNITS-OF-PRODUCTION Units of Production Depr. Amt/Unit Depr. Expense Accum. Depr. Year Units of Production Year Depr. Amt/Unit Depr. Expense Accum. Depr. 2020 $ $ 2021 2022 2023 Which method would result in the highest profit for the year ended September 30, 2021? Over the life of the asset? method would result in the highest profit for the year ended September 30, 2021. Over the life 3C Mostly cloudy