Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1 at a cost of $44,000 that is estimated to have a useful life of five years and a residual value of $11,000. Required Prepare a depreciation schedule showing annual depreciation expense, and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Straight-Line Method Sum-of-the Years'-Digits Method Double-Declining-Balance Method c. Double-Declining-Balance Depreciation Method Expense Reporting Period Depreciation For the Period Depreciation Accumulated End of Period Book Depreciation Value Jan. 1, Year 1 $ 44,000 Dec. 31, Year 1 $ 17,600 17,600 26,400 Dec. 31, Year 2 10,560 28,160 15,840 Dec. 31, Year 3 0 % 0 X 44,000 Dec. 31, Year 4 0 0 44,000 Dec. 31, Year 5 0 0 44,000