Papa's Fried Chicken bought equipment on January 2, 2024, for $39,000. The equipment was expected to remain in service for four years and to operate for 11000 hours. At the end of the equipments useful ite, Papa's estimates that its residual value will be 56.000. The equipment operated for 1.100 hours the first year3,300 hours the second year 4 400 hours the third year, and 2,200 hours the fourth year Read the requirements Units-or-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Book Date Cost Per Unit Units Expense Depreciation Value 1-2-2024 S 38.000 39.000 12.31.2024 12-31-2025 12-31-2020 12:31 2007 33.000 5.000 years and to operate for ed for 1.100 hours the first pa's Fried Chicken bought 2000 hours. At the end of ar 3.300 hours the second Requirements Bad the requirements nits-01-Production Depre 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? Asset Data Cost 39.00 1-2-2024 5 12-31-2024 12-31-2025 Print Done 12 31-2026 12-31-2027