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Please solve requirements. Thank you! On January 3, 2018, Fast Delvery Service purchased a truck at a cost of $80,000. Before placing the truck in
Please solve requirements. Thank you!
On January 3, 2018, Fast Delvery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Fast spent \$4,000 painting it, $1,200 replacing tres, and $6,800 overtauling the engine. The truck should remain in service for five years and have a residual vilue of $8,000. The tryck's annual mileage is expected to be 30.000 miles in each of the frat four years and 20.0 miles in the fith year-140,000 miles in total. In deciding which depeeciasion method to use, Mkail Johnson, the goneral manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a decreciaton schedule using the straightsine method. Beloce comploting the units-of production depreciasion schedule, calcilale the deprociation expense per unt. Select the formula, then enter the amounts and calculate the depreciation expense per unit (Round depreciation expense per unit to two decimal plases) On January 3, 2018, Fast Delivery Service purchased a truck at a cost of $80,000. Befoce plachg the trugk in service, Fast spent 54,000 painting it, 51,200 replacing tres, and $6,800 overhauling Prepare a depreciation schedule vaing the units-of-production method. (Enter the depreciation per unt to two decimal places, 5 ) Units-of-Production Depreciation 5chedule Prepare a depreciation schedide using the doutile-decining-baiance (DOB) rethed. (Round deprecason expense to the nearest whole dolar) Double-Declining-Baiance Depreciation Schedule Prepare a depreciation schedule using the double-decining-balance (DDE) method. (Pound depreclafich eupense to the nearest whole dollar.) Double-Decilinine-Balance Deereciation Schedule idectify the depreciation method that meets the companys objectives. The depreciason metrod tiat reponts the highiest net income in the frut year is the insome Step by Step Solution
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