Answer Happy

s) On January 3, 2024, Quick Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Quick spent $2,200 painting it, $2,500 replacing tires, and $3,000 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,100. The truck's annual mileage is expected to be 20,000 miles in each of the first four years and 12,800 miles in the fifth year-92,800 miles in total. In deciding which depreciation method to use, Harvey Warner, 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. Straight-Line Depreciation Schedule Date 1-3-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Asset Depreciable Cost Cost Depreciation for the Year Useful Life 5 years 5 years 5 years 5 years . Depreciation Accumulated Expense Depreciation Book Value