On January 1, 2018, Swifty Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Swifty spent $3,000 painting it, $2,500 eplacing tires, and $2,500

overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000.The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year130,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance)

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

Requirement 2. Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Round depreciation expense to the nearest whole dollar.)

Requirement 3. 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.