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P9-31A (similar to) Question Help On January 1, 2018, On Time Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, On Time spent $2,200 painting it, $2,500 replacing tires, and $7,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $8,000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fifth year-140,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirement 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 Cost Cost Expense Depreciation Value 1-1-2018 Dato Life 12:31-2018 12-31-2019 12-31-2020 12-31 2021 12-31-2022 Choose from any list or enter any number in the input fields and then click Check Answer. narte depreciation methods (straight line roduction, and double- R X 1 Requiremnants B 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. On Time prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that On Time uses the truck. Identify the depreciation method that meets the company's objectives Print Done TZATEZULT mm