Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $32,000 that is estimated to have a useful life of five years and a residual value of $8,000. 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 Sum-of-the-years'-digits Double-declining balance c. Double-Declining-Balance Depreciation Method For the Period End of Period Reporting Depreciation Accumulated Book Period Expense Depreciation Value Jan. 1, 2020 $ 32,000 Dec. 31, 2020 $ 0 $ 0 Dec. 31, 2021 0 0 0 Dec. 31, 2022 0 0 0 Dec. 31, 2023 0 0 0 Dec. 31, 2024 0 0 0