On January 3, 2016. Trusty Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Trusty spent $2,200 painting it, $1,700 replacing tires, and $3,800 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year92,800 miles in total. In deciding which depreciation method to use, Mitch Halstrom, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Trusty 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 Trusty uses the truck. Identify the depreciation method that meets the company's objectives. 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 Date Cost Cost Life Expense 1-3-2016 Accumulated Book Depreciation Value 12-31-2016 / 12-31-2017 ! 12-31-2018 ! 12-31-2019 ! 12-31-2020