On January 3, 2018, Reliable Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Reliable spent $2,500 painting it, $500 replacing tires, and $4,700 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, Harold Parker, 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 Depreciation for the Year Asset Depreciable Useful Depreciation Date Cost Cost Life Expense Accumulated Book Depreciation Value 1-3-2018 12-31-2018 12-31-2019 = 12-31-2020 12-31-2021 12-31-2022 Roforo completing the units of produrtion donroriation crhodulo ralculate the donroriation avnonce nor unit Solart the formula thon onter the amounts and calculate the donroriation ovnenco nor unit (Round donreriation ovnence nor unit to two derimal Choose from any list or enter any number in the input fields and then continue to the next question. ? On January 3, 2018, Reliable Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Reliable spent $2,500 painting it, $500 replacing tires, and $4,700 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, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the fequirements. 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal places.) Depreciation per unit ( ( Prepare a depreciation schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, $X.XX.) Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Book Choose from any list or enter any number in the input fields and then continue to the next question. ? On January 3, 2018, Reliable Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Reliable spent $2,500 painting it, $500 replacing tires, and $4,700 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, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the fequirements Prepare a depreciation schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, $X.XX.) Units-of-Production Depreciation Schedule Asset Depreciation for the Year Depreciation Number of Depreciation Per Unit Units Expense Accumulated Book Date Cost Depreciation Value 1-3-2018 12-31-2018 - 12-31-2019 X - 12-31-2020 X 12-31-2021 X 12-31-2022 X Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Round depreciation expense to the nearest whole dollar.) Double-Declining-Balance Depreciation Schedule Choose from any list or enter any number in the input fields and then continue to the next question. On January 3, 2018, Reliable Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Reliable spent $2,500 painting it, $500 replacing tires, and $4,700 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, Harold Parker, 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 Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Accumulated Book Date Cost Value Rate Expense Depreciation Value 1-3-2018 12-31-2018 X 12-31-2019 12-31-2020 X X X 12-31-2021 12-31-2022 Requirement 2. Reliable 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 Reliable uses the truck. Identify the depreciation method that meets the company's objectives. The depreciation method that reports the highest net income in the first year is the method. It produces the depreciation expense and therefore the highest net income. Choose from any list or enter any number in the input fields and then continue to the next question. ? On January 3, 2018, Reliable Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Reliable spent $2,500 painting it, $500 replacing tires, and $4,700 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, Harold Parker, 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. Requirements Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Date Cost Value Rate Expense 1-3-2018 Accumulated Book Depreciation Value 12-31-2018 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Reliable 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 Reliable uses the truck. Identify the depreciation method that meets the company's objectives. x 12-31-2019 X = 12-31-2020 X X 12-31-2021 Print Done 12-31-2022 Requirement 2. Reliable 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 Reliable uses the truck. Identify the depreciation method that meets the company's objectives. The depreciation method that reports the highest net income in the first year is the method. It produces the v depreciation expense and therefore the highest net income. Choose from any list or enter any number in the input fields and then continue to the next