Short Answer 1: Since the beginning of the 21st century, and somewhat before that, the percentage of Corporate America's intangible assets on balance sheets has changed significantly. What has accounted for this change and is it expected to continue? Problem 1: On January 3, 2021, Speedy Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Speedy spent $3,000 painting it, $1,200 replacing tires, and $3,500 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year92,800 miles in total. In deciding which depreciation method to use, Alec Rivera, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining- balance) Requirement: Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Problem 2: St. Nicholas, Inc. uses equipment in its manufacturing business. The equipment was purchased in January 2018 for $5,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of the equipment. The expected future net cash flows on the equipment will be $4,000,000 and that the fair value of the equipment is $3,300,000. St. Nicholas intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. St. Nicholas uses straight-line depreciation. Requirements: a) Prepare a journal entry, if needed, to record any impairment that needs to be recognized at December 31, 2020. b) Record the adjusting entry for depreciation of this equipment to be made at December 31, 2021 for depreciation to be recognized for the fiscal year 2021