Wonder Fried Chicken bought equipment on January 2, 2024, for $18,000. The equipment was expected to remain in service for four years and to operate for 5,000 hours. At the end of the equipment's useful life, Wonder estimates that its residual value will be $3,000. The equipment operated for 500 hours the first year, 1,500 hours the second year, 2,000 hours the third year, and 1,000 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 Date 1-2- 2024 ... Asset Cost HOTE Depreciation for the Year Depreciable Useful Depreciation Accumulated E Cost Life Expense Depreciation V

Wonder Fried Chicken bought equipment on January 2,2024 , for $18,000. The equipment was expected to remain in service for four years and to operate for 5,000 hours. At the end of the equipment's useful life, Wonder estimates that its residual value will be $3,000. The equipment operated for 500 hours the first year, 1,500 hours the second year, 2,000 hours the third year, and 1,000 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