On January 3rd 2024 Speedy Delivery Service

On January 3, 2024, Speedy Delivery Service purchased a tuck at a cost of $65,000. Before placing the truck in servico, Speedy spent $3,000 painting it, s900 replading fires, and \$10,700 overtauling the enghe. The truck should remain in service for five years and have a residual value of 95,000 . The truck's anncal thileage is expected to be 23,000 mles in oach of the fint four year and 13,000 milos in the ffth year-105,000 miles in total In deciding which deprecintion method to use, Carl Thomes, the general manages, requests a depreciation schedule for each of the depreciation methods (stright-Ire, unts-of-production, and doublo-decining-balance). Read the reguirements. Requirement 1. Prepare a depreciation schedule for each depreciation minthod, showing asset cost, depreciasion expense, acoumulated depreciafon, and asset book vatue. Begin by preparing a depreciation schedve using the straight Ine method 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