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On January 3, 2014, Rapid Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Rapid spent $2,200 painting
On January 3, 2014, Rapid Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Rapid spent $2,200 painting it, $2,500 replacing tires, and $9,800 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual mileage is expected to be 23,000 miles in each of the first four years and 13,000 miles in the fifth year-105,000 miles in total. In deciding which Jordan Lipnik, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). depreciation method to use 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 Depreciation for the Year Depreciation Rate Depreciation Accumulated ExpenseDepreciation Asset Depreciable Book Date Cost Cost Value 65000 1-3-2014 12-31-2014 12-31-2015 12-31-2016 12-31-2017 12-31-2018 590005 years 59000 5 years 59000 5 years 590005 years 590005 years 6000 6000 6000 6000 6000 6000 12000 18000 24000 30000 65000 59000 53000 47000 41000 35000 Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal
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