Homework: HW CH9 Save Score: 0 of 34 pts 3 of 3 (0 complete) D HW Score: 0%, 0 of 100 pts P9-31A (similar to) Question Help On January 1, 2018. On Time Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service, On Time spent $4,000 painting it, $1,500 replacing tires, and $7,500 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annual mileage is expected to be 27,000 miles in each of the first four years and 12,000 miles in the fifth year 120,000 miles in total. In deciding which depreciation method to use, Carl Thomas, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double declining-balance). Read the requirements. Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. Straight Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Cost Life Expense Depreciation Value Date 2-31-2020 12:312023 Choose from any list or enter any aber an the ingur fields and then click chek Ansaren. AR Check hister he requirements . e Requirements X 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. Done -31-2021 e from any list or enter any number in the nout fields and then click Check Answer Check