Question Help O On January 2, 2024, Fast Delivery Service purchased a truck at a cost of 380,000. Belure placing the truck in service, Fast spent $2200 painting it, 31,200 replacing tires, and $5,800 vertaling the engre. The truck should remain in service fur ve years and have a restur value of $9.000. The truck's annual milesge is expected to be 21.000 miles in each of the first four years and 18,000 miles in the fifth year100,000 miles in total. In decidrs which depreciation method to use, Mikai Johnson, the general iranger, requests a depreciation schedule for each of the depreciation methods (straigh-line, units of production, and double declining balance. Read the remote Requirement 1. Frepare a deprecation schedule for cach cepreciation method, showing asset cost, depreciation cxpcrsc, accumulated depreciation, and asset book veluc. Begin by preperinga vepreciation schedule using the right-line method. Straight-Line Depreciation Schedule Depreciation for the Year Ausset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2 2024 12-31-2024 12-31-2005 II 12-81-2028 12 31 2027 12-31-2020 1 Betare completing the units-ct-production depreciation schedule, calculate the depreciation cxpcrso per unit. Eclect the formula, then enter the amounts and calculate the deprecation expense per unt (Round deprecation expense per un tota decimal places. - Depreciation per unit i Prepare a precision schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, sXXX.) Book Valuc Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Date Cost Per Unit Units Expense Depreciation 1 2 2024 12-31-2024 = 12-81-2025 12-31-2020 12 31 2027 X x 12-31-2028 Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Round depreciation expense to the nearest whole dollar.) Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Accumulated Book Depreciation Expense Date Cost Value Rate Depreciation Value 1-2-2024 12-31-2024 12-31-2025 12-31-2026 xx x 12-31-2027 12-31-2028 Requirement 2. Fast prepares financial statemente ricina the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Fast uses the truck. Identify the depreciation method that meets the company's objectives. Screenshot The depreciation method that reports the highest net income in the first year is the method. It produces the depreciation expense and therefore the highest net income
