Pharoah Company purchased equipment on account on September 3,2022 , at an invoice price of $196,000.0 n September 4,2022 , it poid $4,900 for delivery of the equipment. A one-year, $1,975 insurance policy on the equipment was purchased on September 6 . 2022. On September 20,2022 . Pharoah paid $3,100 for installation and testing of the equipment. The equipment was ready for use on October 1,2022 Pharoah estimates that the equipment's useful life will be four years. witharesidual value of $14,000. It also estimates that, in terms of activity, the equipment's useful life will be 76,000 units. Pharoah has a September 30 fiscal year end. Assume that actual usage is as follow: Determine the cost of the equipment. Cost of equipment $ eTextbook and Media Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishing-balance, assuming a rate of 50% 3. units-of-production (Round depreciable amount per unit to 2 decimal places, es.5.27 and the final answers to 0 decimal places, eg.5.276) Which method would result in the highest profit for the year ended September 30,2024 ? Which method would result in the highest profit over the life of the asset