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On January 1, 2024, Quick Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Quick spent $2,200 painting

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On January 1, 2024, Quick Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Quick spent $2,200 painting it, $500 replacing tires, and $5,000 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, Carl Thomas, 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

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