On January 2, 2024, Swifty Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Swifty spent $3,000 painting it, 5600 replacing tires, and $4.400 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 year130,000 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 requrements. 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 Asset Depreciation for the Year Depreciable Useful Depreciation Accumulated Cost Life Expense Depreciation Book Date Cost Value 1-2-2024 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Swifty 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 Swifty uses the truck. Identify the depreciation method that meets the company's objectives = 12-31-2024 12-31-2025 = = = 12-31-2026 - = 12-31-2027 - = 12-31-2028 - = Print Done