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On January 1, 2018, Fast Delivery Service purchased a truck at a cost of $80,000. Before placing the truck in service, Fast spent $3,000 painting it, $800 replacing tires, and $8,200 overhauling the engine. The truck should remain in s five years and have a residual value of $8,000. The truck's annual mileage is expected to be 30,000 miles in each of the first four years and 20,000 miles in the fifth year140,000 miles in total. In deciding which depreciation method to Alec Rivera, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirements Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. A Requirements Book Accumulated Depreciation Value Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Date Cost Cost Life Expense 1-1-2018 12-31-2018 12-31-2019 - = 12-31-2020 12-31-2021 12-31-2022 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation exper accumulated depreciation, and asset book value. 2. Fast prepares financial statements using the depreciation method that reports the highest net income i years of asset use. Consider the first year that Fast uses the truck. Identify the depreciation method tha company's objectives. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All Check

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