Seconds Fried Chicken bought equipment on January 2, 2024, for $18,000. The equipment was expected to remain in service for four years and to operate for 3,750 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $3,000. The equipment operated for 375 hours the first year, 1,125 hours the second year, 1,500 hours the third year, and 750 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 Accumulated Cost Life Expense Depreciation Book Date Cost Value 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 + = 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. ) - Depreciation per unit ) - Prepare a depreciation schedule using the units-of-production method. Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Accumulated Book Depreciation Expense Date Cost Per Unit Units Depreciation Value 1-2-2024 12-31-2024 X = 12-31-2025 12-31-2026 12-31-2027 X Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Enter a "0" for any items with a zero value.) Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Cost Value Rate Expense Accumulated Book Date Depreciation Value 1-2-2024 12-31-2024 X = 12-31-2025 X 12-31-2026 12-31-2027 Requirement 2. Which method tracks the wear and tear on the equipment most closely? The V method tracks wear and tear most closely