On January 1, 2018, Nimble Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Nimble spent $3,000 painting it, $1,200 replacing tires, and $3,500 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year-92,800 miles in total. In deciding which depreciation method to use, Mikail Johnson, 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 Depreciation for the Year Requirements Date Asset Cost Depreciable Cost Useful Life Depreciation Accumulated Book Expense Depreciation Value 1-1-2018 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 12-31-2018 12-31-2019 2. Nimble 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 Nimble uses the truck. Identify the depreciation method that meets the company's objectives. 12-31-2020 12-31-2021 12-31-2022 Print Done