Wonder Fried Chicken bought equipment on January 2, 2018, for $27,000. The equipment was expected to remain in service for four years and to operate for 4,200 hours. At the end of the equipment's useful life, Wonder estimates that its residual value will be $6,000. The equipment operated for 420 hours the first year, 1,260 hours the second year, 1,680 hours the third year, and 840 hours the fourth year. Read the requirements Asset 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 Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 c i Requirements hy re co 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? Print Done