On January 1, 2018 Swifty Delivery Service Purchased a truck at a cost of $67000. Before placing the truck in service. Swifty spent $4000 painting it, $2500 replacing tires, and 1200 overhauling the engine. The truck should remain in service for five years and have a residual value of $5100. The trucks 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, Jacob Nearly, the general manager, requests a depreciation schedule for each of the depreciation methods ( straight-line, units-of-production, and double-declining-balance)

Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, the enter the amounts and calculate the depreciation expense per unit ( Round depreciation expense per unit to two decimal places.)

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