Papa's Fried Chicken bought equipment on January 2, 2024, for $27,000. The equipment was expected to remain in service for four years and to operate for 7,000 hours. At the end of the equipment's useful life, Papa's estimates that its residual value will be $6,000. The equipment operated for 700 hours the first year, ,100 hours the second year, 2,800 hours the third year, and 1,400 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. i X Requirements Straight-Line Depreciation Schedule Depreciation for the Year Depreciable Useful Depreciation Accumulated Asset Book Date Cost 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. 2. Which method tracks the wear and tear on the equipment most closely? Cost Life Expense Depreciation Value 1-2-2024 12-31-2024 12-31-2025 | *** Print Done 12-31-2026 12-31-2027 = Choose from any list or enter any number in the input fields and then click Check Answer. ? 4 parts remaining Clear All Check