Set up columns-for Land, Land Improvements, Building, and Furniture. Show how to account for each cost by listing the cost under the correct account. Determine the total cost of each asset. All construction was complete and the assets were placed in service on October 1. Record partial-year depreciation expense for the year ended December 31. Determining asset cost, recording first-year depreciation, and identifying depreciation results that meet management objectives. On January 3, 2016, Fast Delivery Service purchased a truck at a cost of $62,000. Before placing the truck in service, Fast spent $3,000 painting it, $1, 500 replacing tires, and $3, 500 overhauling the engine. The truck should remain in service for five years anti have a residual value of $5,000. The truck's annual mileage is expected to be 28,000 miles in each of the first four years and 18,000 miles in the fifth year-130,000 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)