Current Attempt in Progress Crane Company purchased equipment on account on September 3, 2019, at an invoice price of $203,000. On September 4, 2019, it paid $5,600 for delivery of the equipment. A one-year, $2,010 insurance policy on the equipment was purchased on September 6, 2019. On September 20, 2019, Crane paid $2,400 for installation and testing of the equipment. The equipment was ready for use on October 1, 2019. 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: # of Units 15,630 23,930 20.230 37,860 Year Ended September 30 2020 2021 2022 2023 Determine the cost of the equipment. Cost of equipment $ Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. 2. 3. straight-line double diminishing-balance units-of-production (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to O decimal places, e.g. 5,276.) 1. STRAIGHT-LINE DEPRECIATION Year Depreciable Amount Depr. Rate Depr. Expense Accu Dep II 2020 $ $ % $ $ 2021 % 2022 % 2023 % Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. 2. 3. straight-line double diminishing-balance 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 End of Year Depr. Rate Depr. Expense Accum. Depr. Carrying Amount % $ $ $ % % % 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Year Carrying Amount Beginning Of Year Depr. Rate Depr. Expense Ac D II 2020 $ $ % $ $ 2021 % 2022 % 2023 % 3. UNITS-OF-PRODUCTION Units of Production Depr. Amt/Unit Depr. Expense Accum Depr. Year = 2020 $ $ $ 2021 2022 2023 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION End of Year Depr. Rate Depr. Expense Accum. Depr. Carrying Amount = % $ $ $ $ % % % 3. UNITS-OF-PRODUCTION End of Year Depr. Amt/Unit Depr. Expense Accum. Depr. Carrying Amount = $ $ $ $ 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 lif e Textbook and Media