E7-26A. (Learning Objective 3: Determine depreciation amounts by three methods) Presley Pizza bought a used Ford delivery van on January 2, 2018, for $22,000. The van was expected to remain in service for four years (80,000 miles). At the end of its useful life, Presley management estimated that the van's residual value would be $2,000. The van traveled 32,000 miles the first year, 28,000 miles the second year, 15,000 miles the third year, and 5,000 miles in the fourth year. Requirements 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods discussed in this chapter. (For units-of-production and double- declining-balance methods, round to the nearest two decimal places after each step of the calculation.) 2. Which method best tracks the wear and tear on the van? 3. Which method would Presley prefer to use for income tax purposes? Explain your reasoning in detail