On January 2, 2018, Reliable Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Reliable spent $2,200 painting it, $1,200 replacing tires, and $4,300 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 year92,800 miles in total. In deciding which depreciation method to use, Alec Rivera, 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. Straight-Line Depreciation Schedule i Requirements Depreciation for the Year Depreciable Useful Depreciation Cost Life Expense Asset Cost Book Accumulated Depreciation Date DO Value 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. 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 Print Print Done Done 12-31-2022 Choose from any list or enter any number in the input fields and then click Check Answer. A parts remaining Clear All Check