Score: 0 of 1 pt 11 of 13 (4 cornplate) HW Score: 18.88%, 2.45 of 13 pts P10-37B (similar to) 5 Question Help On January 2, 2018, Speedy Delivery Service purchased a truck at a cost of $95,000. Before placing the truck in service, Speedy spent $4,000 painting it, $1,500 replacing tires, and $8,500 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annual mileage is expected to be 26,000 miles in each of the first four years and 19,750 miles in the fifth year123,750 miles in total, In deciding which depreciation method to use, Mikail Johnson, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements, Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule i Depreciation for the Year Requirements Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, 1-2-2018 accumulated depreciation, and asset book value. 12-31-2018 2. Speedy prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Speedy uses the truck. Identify the depreciation method that 12-31-2019 meets the company's objectives. 12-31-2020 + 12-31-2021 12-31-2022 Print Done T 2 x (1/5) 5 years 5 years x 2 123,750 miles Choose from any list or enter any number in the ... then click Check Answer ? 4 4 remaining parts Clear All Check