On January 1, 2018, Swifty Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Swifty spent $3,000 painting it, $600 replacing tires, and $8,400 overhauling the engine. The truck should remain in service for five years and have a residual value of $8,000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fifth year 140,000 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), Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Swifty 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 Swifty uses the truck. Identify the depreciation method that meets the company's objectives. 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 Useful Depreciation Accumulated Book Dato Cost Cost Life Expense Depreciation Value 1-1-2018 12-31-2018 1231-2019 12-31-2020 12.31-2021 12-31-2022 HE