On January $1,2024,$ Fast Delivery Service purchased a truck at a cost of $$75,000.$ Before placing the truck in service, Fast spent $$2,200$ painting it$,$ $$800$ replacing tires, and $$10,000$ overhauling the engine. The truck should remain in service for five years and have a residual value of $$10,000.$ The truck's 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, Jordan Lipnik, the general manager, requests a depreciation schedule for each of the depreciation methods $($straight$-$line, units$-$of$-$production, and double$-$declining$-$balance$).$

Read the requirements.

Requirement $1.$ Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value.

Begin by preparing a depreciation schedule using the straight$-$line method.

Straight$-$Line Depreciation Schedule