Homework: Week Four: Homework Mastery Problem - Save Score: 0 of 8 pts 1 of 1 (0 complete) HW Score: 0%, 0 of 8 pts PF10-37B (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 $3,000 painting it. $1,500 replacing tires, and $8,500 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, Harold Parker, 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 Book Date Cost Cost Life Expense Depreciation Value 1-1-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 12-31-2028 Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Speedy 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 Speedy uses the truck. Identify the depreciation method that meets the company's objectives. Print Done