Cullumber Company purchased equipment on account on September 3, 2022, at an invoice price of $182,000. On September 4, 2022, it paid $3,900 for delivery of the equipment. A one-year, $1,905 insurance policy on the equipment was purchased on September 6 , 2022. On September 20, 2022, Cullumber paid $4,100 for installation and testing of the equipment. The equipment was ready for use on October 1. 2022. Cullumber estimates that the equipment's useful life will be four years, with a residual value of $17,000. It also estimates that, in terms of activity, the equipment's useful life will be 69.200 units. Cullumber has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment. Cost of equipment $ 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, es. 5.27 and the final answers to 0 decimal places, e. 5.276.) 1.STRAIGHT-LINE DEPRECIATION 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION 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