Score: 0 of 8 pts 1 of 1 (0 complete) HW Score: 0%, 0 of 8 pts PF10-37B (similar to) Question Help On January 1, 2024, Nimble Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Nimble spent $4,000 painting it. $800 replacing tires, and $9,700 overhauling the engine. The truck should remain in service for five years and have a residual value of $6,000. The truck's annual mileage is expected to be 23,000 miles in each of the first four years and 13,000 miles in the fifth year-105,000 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 Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Expense Depreciation Value 1-1-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 12-31-2028 Life Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Nimble 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 Nimble uses the truck. Identify the depreciation method that meets the company's objectives Print Done