EF10-20 (similar to) Granny's Fried Chicken bought equipment on January 2 2024, for 515,000. The equipment was expected to remain in service for four years and to operate for 2.400 hours. At the end of the equipment's useful life, Granny's estimates that its residual value will be 53.000 The equipment operated for 240 hours the first year, 720 hours the second year, 960 hours the third year and 480 hours the fourth year Read the requirements Requirement 1. Prepare a schedule of depreciation expense, cumulated depreciation, and book value por year for the equipment under the three depreciation methods straight line, units of production and double declining balance Show your computations. Nodo. Throe depreciation schedules must be prepared Begin by proparing a depreciation schedule using the straight-line method Straight Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Le Expense Depreciation Value 12.2024 14 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. 2. Which method tracks the wear and tear on the equipment most closely? Print Done