On January 1, 2016. Speedy Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Speedy spent $2,200 painting it. $1.200 replacing tires, and $5.800 overhaling the engine. The truck should remain in service for five years and have a residual value of $9.000. The truck's annual mileage is expected to be 21,000 miles in each of the first four years and 16,000 miles in the fifth year 100,000 miles in total. In deciding which depreciation method to use, Carl Thomas, the general manager, requests a depreciation schedule for each of the depreciation methods (traightine, units of production, and double-decining balance) Read the grements Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and we book valur Begin by preparing a depreciation schedule using the straight-line method Straight-Line Depreciation Schedule Requirements Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book 1. Prepare a depreciation schedule for each depreciation method, showing use cost depreciation experise, Date Cost Cost Life Expense Depreciation Value accumulated depreciation and set book value 1-1-2016 2. Speedy 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 Speedy uses the truck. Identify the depreciation method that 12-31-2018 meets the company's objectives 12-31-2017 Print Done Choose from any list or enter any number in the input Delds and then click Check Answer parts remaining Clear All Final Check