On January 3, 2024, Speedy Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Speedy spent $3,000 painting is, $600 raplacing lires, and $8,400 overhauling the engine. The truck should remain in service for five years and have a residual value of $8,000. The truck's anrual mileage is expected to be 30,000 mies in each of the first faur year? and 20,000 miles in the finh year-140,000 miles in lotal, In deciding which depreciation method to use, Steven Kettridge, the general manager, requests a depreclation schodule for each of the depreciation methods (straight-line, units-of-production, and double-decining-balance). Read the Requirement 1. Prepars a depreciation schedude for each depreciation method, showing ssset cost doprociation expense, accumulated deprecistion, and asset bock value. Begin by preparing a depreciation schedule using the straight-tine method. Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Speedy 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 Speedy uses the truck. Identify the depreciation method that meets the company's objectives