Points: 0 of 1 Save On January 2, 2016, On Time Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service, On Time spent $2,200 painting it, $600 replacing tires, and $10,200 overhauling the engre. The truck should remain in service for five years and have a residual value of $10,000. The truck's annual mileage is expected to be 27,000 miles in each of the first four years and 12,000 miles in the fifth year--120 000 miles in total in deciding which depreciation method to use, Andy Sargeant, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production and double-dedining-balance Read the requirements 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 depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Date Asset Cost Depreciable Cost Useful Life Depreciation Accumulated Expense Depreciation Book Value 1-2-2016 12-31-2016 12-31-2017 12-31-2018 12-31-2019 12-31-2020 =