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Problem 6-24A (Algo) Determining the effect of depreciation expense on financial statements LO 6-2, 63,64 Three different companies each purchased trucks on January 1. Year 1, for $76,000. Each truck was expected to last four years on 250,000 miles. Salvage value was estimated to be $6,000. All three trucks were driven 81,000 miles in Year 1, 55,000 miles in Year 2. 46.000 miles in Year 3 , and 71,000 miles in Year 4 . Each of the three companies eatned $65,000 of cash rovenue during each of the four years Company A uses straight Line depreciation, company B uses double-decining balance depreciation, and compary C uses units of production depreciation Answer each of the following questions. Ignore the effects of income taxes. Required a-1. Calculate the net income for Year 1 a-2. Which company will report the highest amount of net income for Year 1 ? b.1. Colculate the net income for Year 4 b-2. Which company will repont the lowest amount of net income for Year 4 ? c-1. Colculate the book value on the December 31, Year 3 , batance sheet c-2. Which company will report the highest book value on the December 31 , Year 3 , balance sheet? d-1. Calculate the retained earnings on the December 31 , Year 4 , balance sheet. d.2. Which company will report the highest amount of retained earrings on the December 31, Year 4. balance sheet? e. Which company will report the lowest amount of cash fow from operating activites on the Year 3 statement of cash flows? Complete this question by entering your answers in the tabs below. a-1. Calculate the net income for Year 1. (Round "Per Unit Cost2 to 3 decimal places.) a-2. Which company will report the highest amount of net income for Year 1 ? a-1. Calculate the net income for Year 1 a-2. Which company will report the highest amount of net income for Year 1 ? b-1. Calculate the net income for Year 4 b-2. Which company will report the lowest amount of net income for Year 4 ? c-1. Calculate the book value on the December 31, Year 3, balance sheet. c-2. Which company will report the highest book value on the December 31, Year 3, balance sheet? d-1. Calculate the retained earnings on the December 31, Year 4, balance sheet. d-2. Which company will report the highest amount of retained earnings on the December 31, Year 4, balance she e. Which company will report the lowest amount of cash flow from operating activities on the Year 3 statement of Complete this question by entering your answers in the tabs below. a-1. Calculate the net income for Year 1. (Round "Per Unit Cost" to 3 decimal places.) a-2. Which company will report the highest amount of net income for Year 1 ? a-2. Which company will report the highest amount of net income for Year 1 ? b-1. Calculate the net income for Year 4 b-2. Which company will report the lowest amount of net income for Year 4 ? c-1. Calculate the book value on the December 31, Year 3, balance sheet. c-2. Which company will report the highest book value on the December 31, Year 3, balance sheet? d-1. Calculate the retained eamings on the December 31, Year 4 , balance sheet. d-2. Which company will report the highest ampunt of retained earnings on the Decernber 31 , Year 4 , balance shee e. Which company will report the lowest amount of cash flow from operating activities on the Year 3 statement of ca Complete this question by entering your answers in the tabs below. b-1. Calculate the net income for Year 4. (Round your "Per Unit Cost" to 3 decimal places.) b-2. Which company will report the lowest amount of net income for Year 4 ? a-1. Calculate the net income for Year 1 a-2. Which company will report the highest amount of net income for Year 1 ? b-1. Calculate the net income for Year 4 b-2. Which company will report the lowest amount of net income for Year 4? c-1. Calculate the book value on the December 31, Year 3, balance sheet c-2. Which company will repont the highest book value on the December 31. Year 3, balance sheet? d-1. Calculate the retained earnings on the December 31. Year 4 , balance sheet d.2. Which company will report the highest amount of retained earnings on the December 31, Year 4, balance sheet? e. Which company will report the lowest amount of cash flow from operating activities on the Year 3 statement of cash flows? Complete this question by entering your answers in the tabs below. c-1. Calculate the book value on the December 31, Year 3, balance sheet. (Round "Per Unit Cost" to 3 decimal places.) c2. Which company will report the highest book value on the December 31 , Year 3 , balance sheet