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 Depreciation for the Year Asset Depreciable Useful Depreciation Date Cost Cost Life Expense Accumulated Book Depreciation Value 1-2-2024 12-31-2024 12-31-2025 = 12-31-2026 12-31-2027 Case X Requirements br 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