this is an example of the problem NOT THE QUESTION

WHEN DOING THE ACTUAL QUESTION USE THIS AS A REFERENCE EVERYTHING IS THE SAME JUST THE NUMBERS ARE DIFFERENT

THIS IS THE ACTUAL QUESTION

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On January 2, 2024, Swifty Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service, Swifty spent $2,200 painting it, $1,200 replacing tires, and $9,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annal mileage is expected to be 27,000 miles in each of the first four years and 12,000 miles in the fifth year-120,000 miles in total. In deciding which depreciation method to use, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated deprepiation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. On January 2, 2024, Swifty Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service Swifty spent $2,200 painting it, \$1,200 replacing tires, and \$9,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annal mileage is expected to be 27,000 miles each of the first four years and 12,000 miles in the fifth year-120,000 miles in total. In deciding which depreciation method to use, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. Before completing the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. (Round depreciation expense per unit to two decimal places.) On January 2, 2024, Swifty Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service, Swifty spent $2,200 painting it, $1,200 replacing tires, and $9,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annual mileage is expected to be 27,000 miles in each of the first four years and 12,000 miles in the fifth year-120,000 miles in total. In deciding which depreciation method to use, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. On January 2, 2024, Swifty Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service, Swifty spent $2,200 painting it, $1,200 replacing tires, and $9,600 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annal mileage is expected to be 27,000 miles in each of the first four years and 12,000 miles in the fifth year-120,000 miles in total. In deciding which depreciation method to use, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Round depreciation expense to the nearest whole dollar.) Requirement 2. Swifty prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Swifty uses the truck. Identify the depreciation method that meets the company's objectives. The depreciation method that reports the highest net income in the first year is the method. It produces the depreciation expense and therefore the highest net income. On January 1, 2024, Nimble Delivery Service purchased a truck at a cost of $75,000. Before placing the truck in service, Nimble spent $2,200 painting it, $2,500 replacing tires, and $8,300 overhauling the engine. The truck should remain in service for five years and have a residual value of $10,000. The truck's annal mileage is expected to be 27,000 miles in each of the first four years and 12,000 miles in the fifth year-120,000 miles in total. In deciding which depreciation method to use, Jordan Lipnik, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements. 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