P10-31A Determining asset cost, preparing depreciation schedules (3 methods), On January 3, 2018, Rapid Delivery Service purchased a truck at a cost of $100,000. nd identifying depreciation results that meet management objectives Learning Objectives 1, 2 1.Units-of-production, 12/31/18, Dep. Exp. $24,000 placing the truck in service, Rapid spent $3,000 painting it, $600 replacing tires, d $10.400 overhauling the engine. The truck should remain in service for five years be a residual value of $12,000. The truck's annual mileage is expected to be 32,000 miles in each of the first four years and 8,000 miles in the fifth year-136,000 miles in total. In deciding which depreciation method to use, Andy Sargeant, the gen- ral manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Requirements 1.Prepare a depreciation schedule for each depreciation method, showing depreciation expense, accumulated depreciation, and asset book value. 2 Rapid prepares financial statements using the depreciation method that reports the highest Rapid uses the truck. Identify the depreciation method that meets the company's objectives. asset cost, net income in the early years of asset use. Consider the first year that