Southern Fried Chicken bought equipment on January 2, 2024, for $39,000. The equipment was expected to remain in service for four years and to operate for 8,250 hours. At the end of the equipment's useful life, Southern estimates that its residual value will be $6,000 The equipment operated for 825 hours the first year, 2,475 hours the second year, 3,300 hours the third year, and 1,650 hours the fourth year Read the requirements Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods straight-line, units-of-production, and double-declining-balance Show your computations Note Three depreciation schedules must be prepared Begin by preparing a depreciation schedule using the straight-line method Straight-Line Depreciation Schedule Requirements Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2-2024 $ 39,000 $ 39,000 12-31-2024 $ 33,000+ 4 years $ 8,250 $ 8,250 30,750 12-31-2025 33,000 + 4 years 8,250 22,500 12-31-2026 33,000 4 years 8,250 14,250 12-31-2027 33,000 4 years 8,250 6,000 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods straight-line, units-of-production, and double-declining-balance Show your computations Note Three depreciation schedules must be prepared 2. Which method tracks the wear and tear on the equipment most closely? Print Done