West Side Pizza bought a used Toyota delivery van on January 2, 2016, for $21,800 The van was expected to remain in service for four years (48,750 miles).At the end of its useful life, West Side officials estimated that the van's residual value would be $2,300. The van traveled 15,000 miles the first year. 17,000 miles the second year, 12,500 miles the third year and 4,250 miles in the fourth year Requirements 1 Prepare a schedule of depreciation expense per year for the van under the three depreciation methods 2Which method best tracks the wear and tear on the van? Which method would West Side prefer to use for income tax purposes? Explain in detail why West Side 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 S0 depreciation, make sure to enter "0 in the appropriate column Units-ofDouble-Declining- Production Year 2016 2017 2018 2019 Total Straight-Line Balance Requirement 2. Which method best tracks the wear and tear on the van? The (1) method tracks the wear and tear on the van most closely Requirement 3. Which method would West Side prefer to use for income tax purposes? Explain in detail why West Side would prefer this method. For income tax purposes, West Side's would prefer the (2) (3)depreciation, and thus, the (4) (1)O double-declining-balance (2) double-declining-balance method because it provides the tax deductions in the early life of the asset. (3)least most (4)largest O straight-line O smallest O straight-line O units-of-production units-of-production