January 2, 2018 quick delivery service purchased a truck at a cost of $75,000. Before placing the truck in service, quick spent $3000 painting it, $600 replacing tires, and $9400 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The trucks 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, Stephen, the general manager request of depreciation schedule for each of the depreciation method (straight line, units of production, and double declining balance)

Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value 2. Quick 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 Quick uses the truck. Identify the depreciation method that meets the company's objectives. Print Done This Question: 1 pt ( 3 of 5 (1 complete) On January 2 2018 Quck Delivery Service purchased a truck at a cost of $75.000 Before placing the truck in service Quick spent $3000 panting t o replacing tres, and 59 400 Overing the have a residual value of $10 000. The truck's www mileage is expected to be 27 000 miles in each of the first four years and 12.000 miles in the fitthya 120,000 miles in total in deciding which deg manager requests a depreciation schedule for each of the depreciation methods straight line, units of production, and double declining balance) Read the requirements Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Date Cost Cost Life Expense Depreciation Value 1.2.2018 12-31 2018 12-31-2019 12-31 2020 12-31 2001 12-31.2002 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 places) Deccon perunt Prepare depreciation schedule using the units of production method (Enter the deprecation por un to two docimal places XXX) Choose from any list or enter any number in the input fields and then continue to the next question O Type here to search Units-of-Production Depreciation Schedule Asset Cost Depreciation for the Year Depreciation Number of Per Unit Units Date Expense Depreciation Value 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Accumulated Depreciation Book Value Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Date Cost Value Rate Expense 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 11 1