On January 3, 2024, Fast Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, ast spent $3,000 painting it, $1,700 replacing tires, and $3,300 overhauling the engine. The truck should remain in ervice for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in ach of the first four years and 18,000 miles in the fifth year-130,000 miles in total. In deciding which depreciation A Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Fast 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 Fast uses the truck. Identify the depreciation method that meets the company's objectives. Print Done 12-31-2024 Thoose from any list or enter any number in the input fields and then continue to the next question. THIS QUOULUN On January 3, 2024, Fast Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Fast spent $3,000 painting it, $1,700 replacing tires, and $3,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year-130,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, 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. 50 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. Book Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Date Cost Cost Life Expense Accumulated Depreciation Value 1-3-2024 12-31-2024 Choose from any list or enter any number in the input fields and then continue to the next question. method w use, JACUU Nedy, ule yule anayer requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Date Cost Cost Life Expense Depreciation 1-3-2024 Book Value 4 12-31-2024 12-31-2025 + 11 12-31-2026 + 11 12-31-2027 + 12-31-2028 Choose from any list or enter any number in the input fields and then continue to the next question. C O W On January 3, 2024, Fast Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Fast spent $3,000 painting it, $1,700 replacing tires, and $3,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year-130,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the tequirements. 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 Residual value ) + Useful life in units = 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. W Ull Jalluary 3, 2024. Fast Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Fast spent $3,000 painting it, $1,700 replacing tires, and $3,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year-130,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, 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. UTILS UITTOUUCurveprecaLOR SCHULE Depreciation for the Year Asset Depreciation Number of Accumulated Book Depreciation Expense Date Cost Per Unit Units Depreciation Value 1-3-2024 12-31-2024 11 12-31-2025 x 12-31-2026 12-31-2027 12-31-2028 ? Choose from any list or enter any number in the input fields and then continue to the next question. UNO W LUKS annual mileage is expected to be 28,000 miles in uden of the nist four years and 18,000 miles in the fifth year-130,000 miles in total. In deciding which depreciation method to use, Jacob Nealy, 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 Asset Book Depreciation for the Year DDB Depreciation Rate Expense Accumulated Book Date Cost Value Depreciation Value 1-3-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 X 12-31-2028 Choose from any list or enter any number in the input fields and then continue to the next question. Why W
