Sheridan Compary purchased equipment on account on September 3, 2022, at an invoice price of $197,000. On September 4, 2022, it paid $5,000 for delivery of the equipment. A one-year, $1,980 insurance policy on the equipment was purchased on September 6 . 2022. On September 20,2022 , Sheridan paid $3,000 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 $14,500. It also estimates that, in terms of activity, the equipment's useful life will be 95,250 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 \$ 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? 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 .)