Jack and Jill's Water Delivery Service is preparing adjusting entries for the month end of April $2021.$

As part of this, they need you to complete depreciation schedules for the first five years for

three assets that they purchased April $1$st$,2021.$ On April $1$st$,2021$ they purchased two trucks and a forklift $-$

the following transactions show these purchases:

Paid $$40,000$ for a Ford truck retrofitted with water delivery supplies. The truck has a $30$ year useful life,

a residual value of $$6,000,$ and $87,600$ hours of useful life. In each year, it is used $2,920$ hours,

or eight hours a day for $365$ days a year.

Paid $$10,000$ for a Dodge truck retrofitted with water delivery supplies. The truck has a $5$ year useful life,

a residual value of $$4,000,$ and $14,600$ hours of useful life. Like the Ford truck, it is used $2,920$ hours per year.

Paid $$20,000$ for a Forklift to load the trucks. The forklift has a nine year useful life, a $$2,000$ residual value,

and $10,000$ hours of useful life. In its first year, it is used for $2,000$ hours due to training involved.

Each year after it is used for $1,000$ hours per year.

Requirements:

Complete depreciation schedules of the first five years for each asset. As part of these depreciation schedules,

you must decide which type of depreciation is most applicable and provide a short paragraph on why

you chose that schedule

 .

Reasoning:Reasoning: Date 2021 2022 Depreciation for the Year 2023 2024 2025 2026 Reasoning: