On January 1, 2024 reliable delivery service purchased a truck at a cost of $80,000. before placing the truck in service, reliable spent $3000 painting it, $1700 replacing the tires and $7300 overhauling the engine. The truck should remain in service for five years and have residual value of $8000. The trucks 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 Steven Kittredge the general manager request a depreciation schedule for each of the depreciation methods, straight line, units of production and double declining balance.

Im confused on what needs to be filled in for Asset cost, Depreciable Cost, depreciation, expense, accumulated depression, and book value. Can anyone give me information so that i can do it right the next time?

Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Reliable 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 Reliable uses the truck. Identify the depreciation method that meets the company's objectives. On January 1,2024, Reliable Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Reliable spent $3,000 painting it, $1,700 replacing tires, and $7,300 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, 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 equirements. Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumufated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method