Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1 at a cost of $40,000 that is estimated to have a useful life of five years and a residual value of $10,000. 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 b. Sum-of-the-Years'-Digits Depreciation Method Reporting Period Depreciation For the Period Depreciation Expense End of Period Accumulated Depreciation Book Value Jan. 1, Year 1 $ 0 * Dec. 31, Year 1 $ 0 x $ 0 x 0 x Dec. 31, Year 2 0 x 0 0 Dec. 31, Year 3 0 x 0 % 0 Dec. 31, Year 4 0 x 0 % 0 Dec. 31, Year 5 0 x 0 * 0