Wonder Fried Chicken bought equipment on January 2, 2024, for $27,000. The equipment was expected to remain in service for four years and to operate for 5,250

hours. At the end of the equipment's useful life, Wonder estimates that its residual value will be $6,000. The equipment operated for 525 hours the first year, 1,575

hours the second year, 2,100 hours the third year, and 1,050 hours the fourth year.

Read the requirements.

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 Asset Depreciable Useful Book Depreciation Expense Accumulated Depreciation Date Cost Cost Life Value 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Before calculating 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. Depreciation per unit Prepare a depreciation schedule using the units-of-production method. Prepare a depreciation schedule using the units-of-production method Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation. Book Number of Depreciation Accumulated Depreciation Expense Date Cost Per Unit Units Value 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Enter a "0" for any items with a zero value.) Double-Declining-Balance Depreciation Schedule. Depreciation for the Year Asset Book DDB Accumulated Depreciation Expense Book Value Date Cost Value Rate Depreciation 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Requirement 2. Which method tracks the wear and tear on the equipment most closely? The method tracks wear and tear most closely Next