Granny's Fried Chicken bought equipment on January $2,2024,$ for $$15,000.$ The equipment was expected to remain in service for four years and to operate for $4,000$ hours. At the end of the equipment's useful life, Granny's estimates that its residual value will be $$3,000.$ The equipment operated for $400$ hours the first year, $1,200$ hours the second year, $1,600$ hours the third year, and $800$ 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

$\backslash$table$[[$Date$,\backslash$table$[[$Asset$],[$Cost$]],$Depreciation for the Year,$\backslash$table$[[$Accumulated$],[$Depreciation$]],\backslash$table$[[$Book$],[$Value$]]],[\backslash$table$[[$Depreciable$],[$Cost$]],,\backslash$table$[[$Useful$],[$Life$]],,\backslash$table$[[$Depreciation$],[$Expense$]]],[1-2-2024,15000,,,,,,,],[12-31-2024,,12000,+,,=,4000,,],[12-31-2025,,12000,,,=,4000,,],[12-31-2026,,12000,,,=,4000,,],[12-31-2027,,12000,1,4$ years,$=,4000,,]]$