Midtown Pizza bought a used Toyota delivery van on January 2, 2016, for $21,000. The van was expected to remain in service for four years (47,500 miles). At the end of its useful life, Midtown officials estimated that the van's residual value would be $2,000. The van traveled 15,000 miles the first year, 10,000 miles the second year, 12,500 miles the third year, and 10,000 miles in the fourth year. Requirements 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. 2. Which method best tracks the wear and tear on the van? 3. Which method would Midtown prefer to use for income tax purposes? Explain in detail why Midtown would prefer this method Requirement 1. Prepare a schedule of depreciation expense per year for the van under the three depreciation methods. (For units-of-production and double-declining balance methods, round to the nearest two decimal places after each step of the calculation. For years with SO depreciation, make sure to enter "0" in the appropriate column.) Units-of- Double-Declining. Year Straight-Line Production Balance 2016 4,750 $ 6,000 2017 4,750 4,000 2018 4,750 5,000 2019 4,750 4,000 S 19,000 $ 19,000 Total $