P10-37B (similar to) Question Help On January 2, 2016, Swifly Delivery Service purchased a truck at a cost of S95,000. Before placing the truck in service, Swifty spent $2,200 painting it, $600 replacing tires, and $11,200 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annual mileage is expected to be 26,000 miles in each of the first four years and 19,750 miles in the fifth year-123,750 miles in total. In deciding which depreciation method to use, Harvey Wamer, 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 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 depreclation schedule using the stralght-line method. Straight-Line Depreciation Schedule Depreciation for the Year Requirements Depreciable Depreciation Accumulated Asset Useful Book os Depreciation Date Cost Life Expense Value 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Swifly 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 1-2-2016 12-31-2016 12-31-2017 = 12-31-2018 12-31-2019 Print Done 12-31-2020