Southern Fried Chicken bought equipment on Janusy 2, 2024, for $21,000. The equipment was expected to remain in service for four years and to operate for 3,600 hours. At the end of the equipmenrs useful life, Southern estimales that its residual value wit be $3,000. The oquipment oporated for 360 hours the frst year, 1,080 hours the second yetr, 1,400 hours the thind year, and 720 hours the fourth year. Read the reaulrements 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? Southern Fried Chicken bought equipment on Janusy 2, 2024, for $21,000. The equipment was expected to remain in service for four years and to operate for 3,600 hours. At the end of the equipmenrs useful life, Southern estimales that its residual value wit be $3,000. The oquipment oporated for 360 hours the frst year, 1,080 hours the second yetr, 1,400 hours the thind year, and 720 hours the fourth year. Read the reaulrements 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