On January 3, 2024, Swifty Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Swifty spent $4,000 painting it, $1,700 replacing tires, and $6,300 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 year-140,000 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). Read the requirements Straight-Line Depreciation Schedule m Depreciation for the Year Asset Depreciable. Date Cost Cost Useful Life Depreciation Accumulated Expense Depreciation Book Value 1-3-2024 12-31-2024 5 years 12-31-2025 5 years 12-31-2026 12-31-2027 5 years 5 years 12-31-2028 5 years = 30,000 HRS II UUT US car vi mi die Requirerents 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Swifty 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 Swifty uses the truck. Identify the depreciation method that meets the company's objectives. 1201-2021 Print Done declini CIT 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 Appet Depreciablo Heaful Depreciation Accumulated Book