(similar Part 1 of 5 points Points: 0 of 1 Save ti On January 1, 2016, Rapid Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Rapid spent $4,000 painting it, $600 replacing tires, and $7,400 overhauling the engine. The truck should remain in service for five years and have a residual value of $8,000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fifth year-140,000 miles in total. In deciding which depreciation method to use, Andy Sargeant, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units of production, and double-declining balance) Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value Begin by preparing a depreciation schedule using the straight-line method Straight-Line Depreciation Schedule Depreciation for the Year Date Asset Cost Depreciable. Cost Useful Life Depreciation Accumulated Expense Depreciation Book Value 1-1-2016 12-31-2016 Help me solve this Demodocs example Get more help - Clear all Check answer