EF10-20 (similar to) Question Help Papa's Fried Chicken bought equipment on January 2, 2024, for $15,000. 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, Papa's estimates that its residual value will be $3,000. 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, 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. Begin by preparing 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 Life Expense Depreciation Value 1-2-2024 12-31-2024 - = 12-31-2025 12-31-2026 12-31-2027 =