On January 2, 2018, Fast Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Fast spent $3,000 painting it, $1,200 replacing tires, and $7,800 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 year140,000 miles in total. In deciding which depreciation method to use, Harold Parker, 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 * Requirements - X Depreciation for the Year Useful Asset Cost Depreciable Cost Depreciation Accumulated Expense Depreciation Depreciation Book Value Date Life 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Fast 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 Fast uses the truck. Identify the depreciation method that meets the company's objectives. 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Print Done Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal places.) Choose from any list or enter any number in the input fields and then continue to the next question. On January 2, 2018, Fast Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Fast spent $3,000 painting it, $1,200 replacing tires, and $7,800 overhauling the engine. The truck should remain in service for five years an 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 year140,000 miles in total. In deciding which depreciation method to use, Harold Parker, 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 Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal places.) = Depreciation per unit Prepare a depreciation schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, $X.XX.) Units-of-Production Depreciation Schedule Asset Cost Depreciation for the Year Depreciation Number of Depreciation Accumulated Per Unit Units Expense Depreciation Book Value Date 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Choose from any list or enter any number in the input fields and then continue to the next