IE Question Help On January 1, 2016, Speedway Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Speedway spent S2,200 painting it, $1,200 replacing tires, and $4,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth 30,000 miles in total. In deciding which depreciation method to use, Harvey Warner, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of- eal production, and double-declining-balance). Requirements mulated depreciation, and asset book value. 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense. accumulated depreciation, and asset book value. 2. Speedway 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 Speedway uses the truck. Identify the depreciation method that meets the company's objectives. Print Done