Ivanhoe Company purchased equipment on account on September 3, 2019, at an invoice price of $194,000. On September 4, 2019, it paid $3,900 for delivery of the equipment. A one-year, $1,965 insurance policy on the equipment was purchased on September 6, 2019. On September 20, 2019, Ivanhoe paid $4,100 for installation and testing of the equipment. The equipment was ready for use on October 1, 2019. Ivanhoe estimates that the equipment's useful life will be four years, with a residual value of $13,000. It also estimates that, in terms of activity, the equipment's useful life will be 75,600 units. Ivanhoe has a September 30 fiscal year end. Assume that actual usage is as follows: Year Ended September 30 2020 # of Units 15,540 23,840 20.140 16,980 2021 2022 2023 Determine the cost of the equipment. Cost of equipment $ Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. 2. straight-line double diminishing-balance units-of-production 3. (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to decimal places, e g. 5,276.) 1. STRAIGHT-LINE DEPRECIATION Year Depreciable Amount Depr. Rate Depr. Expense Ac D 2020 $ % $ $ 2021 % 2022 % 2023 % (Round depreciable amount per unit to 2 decimal places, eg.5.27 and the final answers to 0 decimal places, eg. 5,276.) 1. STRAIGHT-LINE DEPRECIATION End of Year Depr. Rate Depr. Expense Accum. Depr. Carrying Amount % $ % % % 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Year Carrying Amount Beginning Of Year Depr. Rate Depr. Expense = 2020 $ % $ 2021 % 2022 % 2023 % 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION End of Year Depr. Rate Depr. Expense Accum. Depr. Carrying Amount % $ $ $ % % % 3. UNITS-OF-PRODUCTION Acci Units of Production Depr. Amt/Unit Depr. Expense Year De 2020 $ $ $ 2021 2022 2023 3. UNITS-OF-PRODUCTION End of Year Depr. Amt/Unit Depr. Expense Accum. Depr. Carrying Amount $ $ $ Which method would result in the highest profit for the year ended September 30, 2021? Over the life of the asset? method would result in the highest profit for the year ended September 30, 2021. Over the lif All three methods Units-of-Activity Double Diminishing-Balance Straight-line Which method would result in the highest profit for the year ended September 30, 2021? Over the life of the asset? September 30, 2021. Over the life of the asset, v result in the same total depreciation expense. straight-line double diminishing-balance units-of-activity all three methods e Textbook and Media