Homework: Week Four: Chapter 10 problems Save Score: 1.53 of 4 pts 2 of 4 (2 complete) HW Score: 28.76%, 4.31 of 15 pts % PF10-31A (similar to) Question Help On January 1, 2024. Speedy Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service Speedy spent $2,200 painting it. $1.200 replacing tires, and $9.600 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, Mikail Johnson, 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 Life 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 Book Date Cost Cost Expense Depreciation Value 1-1-2024 $ 88,000 88,000 12-31-2024 78,000 5 years 15.600 $ 15.600 72.400 12-31-2025 78,000 5 years 15,600 31,200 56,800 12-31-2026 78,000 5 years 15,600 46,800 41.200 12-31-2027 78,000 5 years 15,600 62.400 25,600 12-31-2028 78,000 5 years 15,600 78.000 10,000 Before completing 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. (Round depreciation expense per unit to two decimal places.) Cost Residual value Useful life in units Depreciation per unit 88,000 10,000 120,000 0.65 Prepare a depreciation schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, sx.xx.) Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Date Cost Per Unit Units Expense Depreciation Value 1-1-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Book 12-31-2028