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Cullumber Company purchased equipment on account on September 3,2022 , at an invoice price of $182,000. On September 4,2022 , it paid $3,900 for delivery of the equipment. A one-year, $1,905 insurance policy on the equipment was purchased on September 6 , 2022. On September 20,2022 , Cullumber paid $4,100 for installation and testing of the equipment. The equipment was ready for use on October 1,2022 Cullumber estimates that the equipment's useful life will be four years, with a residual value of $17,000. It also estimates that, in terms of activity, the equipment's useful life will be 69,200 units. Cullumber has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment. Cost of equipment Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishing-balance, assuming a rate of 50% 3. units-of-production (Round depreciable amount per unit to 2 decimal places, eg. 5.27 and the final answers to 0 decimal places, eg. 5,276. 1. STRAIGHT-LINE DEPRECIATION 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Which method would result in the highest profit for the year ended September 30,2024? Which method would result in the highest profit over the life of the asset? eTextbook and Media