Sheridan Company purchased equipment on account on September 3, 2022, at an invoice price of $186,000. On September 4, 2022, it paid $4,300 for delivery of the equipment. A one-year, $1,925 insurance policy on the equipment was purchased on September 6 , 2022. On September 20, 2022, Sheridan paid $3,700 for installation and testing of the equipment. The equipment was ready for use on October 1, 2022. Sheridan estimates that the equipment's useful life will be four years, with a residual value of $15,000. It also estimates that, in terms of activity, the equipment's useful life will be 71,600 units. Sheridan has a September 30 fiscal year end. Assume that actual usage is as follows: Determine the cost of the equipment. Cost of equipment $ Question Part Score 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, e.g. 5.27 and the final answers to 0 decimal places, e.g. 5,276.) (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to 0 decimal places, e.g. 5,276.) 1. STRAIGHT-LINE DEPRECIATION 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION 3. UNITS-OF-PRODUCTION 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