On January 2, 2024, Nimble Delivery Service purchased a truck at a cost of 562.000 Before placing the truck in service, Nimble spent $4,000 painting it, $1.700 replacing tires, and $2,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year--130,000 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 cosurements 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 Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Cost Cost Life Expense Depreciation Value 1-2-2024 70000 12:31.2024 5 years 12-31-2025 5 years 12-31 2026 5 years 12-31-2027 5 years 12-31 2028 5 years Date Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Nimble 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 Nimble uses the truck. Identify the depreciation method that meets the company's objectives Print Done 1,700 replacing tires, and $2,300 overhauling the engine. The truck should rem truck's annual mileage is expected to be 28,000 miles in each of the first four y ding which depreciation method to use, Carl Thomas, the general manager, rec methods (straight-line, units-of-production, and double-declining-balance). quirements ... ethod, showing as Ent 1. Prepare a depreciation schedul n, and asset book value. reparing a depreciation schedule using 2 x (1/5) Line Depreciation Schedule 5 years Depr Asset Depreciable 5 years x 2 reciation Accu Cost Cost pense Depr 130,000 miles 2024 70000 2024 + 5 years = . 11 2025 5 years 5 years 2026 . + 2027 5 years 5 years + + 2028 11