Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared.

Mama's Fried Chicken bought equipment on January 2, 2024, for $15,000. The equipment was expected to remain in service for four years and to operate for 4,000 hours. At the end of the equipment's useful life, Mama's estimates that its residual value will be $3,000. The equipment operated for 400 hours the first year, 1,200 hours the second year, 1,600 hours the third year, and 800 hours the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Asset Depreciation for the Year Depreciable Useful Depreciation Cost Life Expense Accumulated Book Date Cost Depreciation Value 1-2-2024 $ 15,000 15.000 12-31-2024 12,000 4 years 3,000 $ 12,000 3,000 6,000 12-31-2025 12,000 4 years 3,000 9,000 12-31-2026 12,000 3,000 9,000 6,000 4 years 4 years 12-31-2027 12,000 3,000 12,000 3,000 Before calculating the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. Cost Residual value ) = Useful life in units Depreciation per unit ($ 15,000 3.000 ) 4,000 3 Prepare a depreciation schedule using the units-of-production method. Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Book Enter any number in the edit fields and then click Check Answer. ? 2 parts Clear All Check Answer remaining