On January 3, 2016, Sailty Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service, Swifty spent $3,000 painting it. $500 replacing tires, and $9,500 overhauling the engine. The truck should remain in service or five years and have a residual value of $10,000 The truck's annual mileage is expected to be 27.000 miles in each of the first four years and 12.000 miles in the fifth year-120,000 miles in total. In deciding which depreciation method to use Car 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 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 Assel Depreciable Depreciation for the Year Useful Date Cost Cost Life Depreciation Accumulated Depreciation Book Value 1-3-2016 68,000 12-01-2016 78.000 2x(15) 15.000 12-31-2017 12-01-2016 12-01-2010 12-31-2020 2x (1/5) 5 years 5 years x 2 120,000 miles