On January 3, 2018, Swifty Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Swifty spent $2,200 painting it, $1,200 replacing tires, and $8,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $8,000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fifth year140,000 miles in total. In deciding which depreciation method to use, Carl 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 Depreciation for the Year Asset Useful Depreciation Accumulated Book Depreciable Cost Date Cost Life Expense Depreciation Value 92,000 $ $ 5 years = $ $ 1-3-2018 $ 12-31-2018 12-31-2019 12-31-2020 12-31-2021 84,000 1 84,000, 84,000 1 84,000 84,000, 5 years 5 years 5 years 5 years 16,800 16,800 16,800 16,800 16,800 16,800 33,600 50,400 67,200 84,000 92,000 75,200 58,400 41,600 24,800 8,000 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.) ( ( $ Cost 92,000 - - $ Residual value 8,000 ) / Useful life in units 140,000 = = Depreciation per unit $ 0.60 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 Number of Depreciation Expense Accumulated Depreciation Date Units Asset / Depreciation Cost Per Unit 92,000 0.60 x 0.60 x 0.60 0.60 x $ $ 1-3-2018 $ 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 $ 30,000 = 30,000 = 30,000 = 30,000 = 20,000 = 18,000 18,000 18,000 18,000 12,000 18,000 36,000 54,000 72,000 84,000 Book Value 92,000 74,000 56,000 38,000 20,000 8,000 x 0.60 x Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Round depreciation expense to the nearest whole dollar.) Accumulated Book Depreciation Value 92000 Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Date Cost Value Rate Expense 1-3-2018 92000 12-31-2018 92000 2 x (1/5) = 36000 12-31-2019 56000 x 2 x (1/5) = 22400 12-31-2020 33600 x 2 x (175) = 13440 12-31-2021 20160 x 2 x (1/5) = 8064 12-31-2022 12096 Choose from any list or enter any number in the input fields and then click Check