Score: 0 of 10 pts 5 of 5 (4 complete) HW Score: 48.38%, 14.5 1 Ol Question Help P10-31A (similar to) On January 2, 2014, Swifty Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Swifty spent $2,200 painting it, $1,200 replacing tires, and $5,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $9,000. The truck's annual mileage is expected to be 21,000 miles in each of the first four years and 16,000 miles in the fifth year100,000 miles in total. In deciding which depreciation method to use, Steven Kittridge, 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. Asset Depreciation for the Year Depreciable Depreciation Depreciation Cost Rate Expense Accumulated Book Date Cost Depreciation Value 1-2-2014 12-31-2014 12-31-2015 12-31-2016 12-31-2017 12-31-2018 ? Choose from any list or enter any number in the input fields and then click Check Answer 4 parts Clear All Check Answer remaining ENG Type here to search 0 WU 8:22 PM 1/25/2021 On January 2, 2014, Swifty Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Swifty spent $2,200 painting it, $1,200 replacing tires truck should remain in service for five years and have a residual value of $9,000. The truck's annual mileage is expected to be 21,000 miles in each of the first four years and miles in total. In deciding which depreciation method to use, Steven Kittridge, the general manager, requests a depreciation schedule for each of the depreciation methods (s 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 Depreciation for the Year Asset Depreciable Depreciation Depreciation Accumulated Date Cost Cost Rate Expense Depreciation Book Value 1-2-2014 = 12-31-2014 12-31-2015 Choose from any list or enter any number in the input fields and then click Check Answer. Clear All A parts 5 of 5 (4 complete) i Requirements vic ears atio 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Swifty 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 Swifty uses the truck. Identify the depreciation method that meets the company's objectives. in sc edule Print Done le Depreciation for the Year ition Accumulated Book