Southern Fried Chicken bought equipment on January 2, 2024, for $18,000. The equipment was expected to remain in service for four years and to operate for 3,750 hours. At the end of the equipment's useful life, Southern estimates that its residual value will be $3,000. The equipment operated for 375 hours the first year, 1,125 hours the second year, 1,500 hours the third year, and 750 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 Asset Depreciation for the Year Depreciable Useful Depreciation Cost Life Expense Accumulated Book Date Cost Depreciation Value 1-2-2024 3000 12-31-2024 18000 3.750 $ 3,750 14250 Straight-Line Depreciation Schedule Asset Depreciation for the Year Depreciable Useful Depreciation Cost Life Expense Accumulated Book Date Cost Depreciation Value 1-2-2024 3000 12-31-2024 18000 = 3,750 = $ 3,750 14250 12-31-2025 14250 - 3,750 7500 10500h 12-31-2026 10500 3,750 11250 67500 12-31-2027 6750 - 3,750 15000 = 3000 Requirements 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? ... 2 x (1/4) Straight-Line Depreciation Schedule 4 years Depr Asset Book Depreciable 4 years x 2. Accumulated Depreciation Expense Date Value Cost Cost Depreciation 3,750 1-2-2024 3000 $ 3,750 14250 18000 = 3,750 12-31-2024 3,750 14250 - 7500 10500 II 12-31-2025 10500 67500 3,750 11250 = 12-31-2026 3000 3,750 15000 6750 = II 12-31-2027