On January 1, 2018, Quick Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Quick spent $3,000 painting it, $1,700 replacing tires, and $4,300 overhauling 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, Steven Kittridge, 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 Asset Depreciable Date Cost Cost Useful Life Depreciation Accumulated Expense Depreciation Book Value 1-1-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All Check Answer Co iRequirements 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