On January 3, 2014, Wong Enterprises, Inc., paid $300,000 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $1,000 transportation charges, $300 insurance for the equipment while in transit, $11,000 sales tax, and $3,000 for a special platform on which to place the equipment in the plant. Wong Enterprises, Inc., management estimates that the equipment will remain in service for five years and have a residual value of $40,000. The equipment will produce 60,000 units the first year, with annual production decreasing by 5,000 units during each of the next four years (i.e., 55,000 units in year 2; 50,000 units in year 3; and so on for a total of 250,000 units). In trying to decide which depreciation method to use, Wong Enterprises, Inc., requested a depreciation schedule for each of the three depreciation methods (straight-line, units-of-production, and double-declining balance).

Part A: For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset