Mama's Fried Chicken bought equipment on January 2, 2018, for $42,000. The equipment was expected to remain in service for four years and to operate for 7,200 hours. At the end of the equipment's useful life, Mama's estimates that its residual value will be $6,000. The equipment operated for 720 hours the first year, 2,160 hours the second year, 2.880 hours the third year, and 1,440 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Date Asset Cast Depreciable Cast Useful Life Depreciation Accumulated Book Expense Depreciation Value 1-2-2018 $ 42,000 $ 42,000 12-31-2018 $ 12-31-2019 36,000 36,000 - 4 years = $ 4 year 9,000 $ 9,000 9,000 33,000 18,000 24,000 12-31-2020 36,000 12-31-2001 38,000- 4 years 4 yar 9,000 9,000 27,000 36,000 15,000 6,000 Before calculating 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. Cost 42.000 Residual value 6.000 Prepare a depreciation schedule using the units-of-production method. Units-of-Production Depreciation Schedule Date 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 Useful life in units 7.200 = Depreciation per unit 5 Depreciation for the Year Asset Cost 42,000 Depreciation Per Unit Number of Unita Depreciation Accumulated Expense Depreciation Book Value x x x =