On January 1, Titan Trucking purchased a used Kenworth truck at a cost of $48,000, Titan Trucking expects the truck to remain useful for four years 1000.000 miesi and to have a residuar value of $8,000 Titan Trucking expects the truck to be driven 160,000 miles the first year and 280,000 miles the second year Read the Corvete Requirement 1: Compute Titan Trucking's first-year depreciation expense on the truck using (a) Straight-line, (b) Units of production, and (c) Double-declining balance Start by selecting the formulas needed to compute annual depreciation under each of the three methods (Cost Residual value)/Useful life in years Straight-line depreciation Units of production depreciation Double-dedining balance depreciation a. Compute Titan Trucking's first-year depreciation expense on the truck using the straight-line method First-year depreciation on the truck using the straight-line method is S Compule Titan Turks ar riation on the mark is the unit of the Remaining: 05443 Maxt CHO First-year depreciation on the truck using the units of production method is $ Computer Titan Trucking's first-year depreciation expense on the truck using the double-dedining balance method (Round the double-declining depreciation rate staternal past your to the nearest whole dollar.) First-year depreciation on the truck using the double-dedining balance method is $ Requirement 2. Show the truck's book value at the end of the first year under the straight-line method D Select the formula and then enter the amounts to calculate the book value at the end of the first year using the straight-line method Book value Time Remaining: 0049-18 Next 130PM 65F Mostly cloudy On January 1, Titan Trucking purchased a used Kenworth truck at a cost of $48,000. Titan Trucking Trucking expects the truck to be driven 160,000 miles the first year and 280,000 miles the second y Accumulated depreciation Cost the units of production method is $ preciation expense on the truck using the double-declining ba Depreciable cost Useful life in miles Useful life in years the double-declining balance method is $ alue at the end of the first year under the straight-line method. ounts to calculate the book value at the end of the first year usi Book value "1 Book value x [(1/Useful life in miles) x 2] Book value x [(1/Useful life in years) x 2] Book value x [(1/ Useful life in years) x 3] (Cost Residual value) / Useful life in miles [(Cost-Residual value) / Useful life in miles] x Miles driven (Cost - Residual value) / Useful life in years Cost/Useful life in miles (Cost-Residual value) / Useful life in years I Titan T es the se = It of the three Straight-line dep Units of production Double-declining balanc a. Compute Titan Trucking's first-year depreciation expense on the truck using the straight-line m First-year depreciation on the truck using the straight-line method is $ b. Compute Titan Trucking's first-year depreciation expense on the truck using the units of product whole dollar.) 60 Requirements 1. Compute Titan Trucking's first-year depreciation expense on the truck using the following methods: a. Straight-line b. Units of production c. Double-declining balance to c year 2. Show the truck's book value at the end of the first year under the straight-line method. On January 1, Titan Trucking purchased a used Kenworth truck at a cost of $48,000 Titan Trucking expects the truck to remain useful for four years (800,000 miles) and to have a residual value of $8,000. Tiran Trucking expects the truck to be driven 160,000 miles the first year and 280,000 miles the second year Read the G Start by selecting the formulas needed to compute annual depreciation under each of the three methods (Cost-Residual value)/Useful ife in years Straight-line depreciation Units of production depreciation Double-declining balance depreciation a. Compute Titan Trucking's first-year depreciation experne on the truck using the straight-line method Fest-year depreciation on the truck using the straight-line method is $ b. Compute Titan Trucking's first-year depreciation expense on the truck using the units of production method (Round the deprecation per unt to the nearest cont, and round your frial answer to the nearest whole dollar