P9-31A Determining asset cost, recording first-year depreciation, and identi depreciation results that meet management objectives On January 3, 2016, Fast Delivery Service purchased a truck at a cost of $62,000 Before placing the truck in service, Fast spent $3,000 painting it, $1 tires, and $3,500 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year-130,000 miles in total. In deciding which depreciation method to use, Steven Kittridge, the general manager, requests a depreciation schedule for ,500 replacing each of the depreciation methods (straight-line, units-of-production, and double- declining-balance)