Hearty Fried Chicken bought equipment on January 2, 2018, for $18,000. The equipment was expected to remain in service for four years and to operate for 3,750 hours. At the end of the equipment's useful life, Hearty estimates that its residual value will be $3,000. The equipment operated for 375 hours the first year, 1,125 hours the second year, 1,500 hours the third year, and 750 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 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 Before calculating the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. Before calculating the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. = Depreciation per unit Prepare a depreciation schedule using the units-of-production method. Units-of-Production Depreciation Schedule Depreciation for the Year Depreciation Number of Depreciation Accumulated Book racion Asset Cost Date Per Unit Units Expense Depreciation Value 1-2-2018 12-31-2018 12-31-2019 x x 12-31-2020 x 12-31-2021 x Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Enter a "0" for any items with a zero value.) Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Book Accumulated Depreciation Date Cost Value Rate Expense Value x 1-2-2018 12-31-2018 12-31-2019 12-31-2020 x IL LILL 12-31-2021 Requirement 2. Which method tracks the wear and tear on the equipment most closely? The method tracks wear and tear most closely