On January 1, 2024, Trusty Delivery Service purchased a truck at a cost of $62.000. Before placing the truck in service. Trusty spent $3,000 painting it. $1,200 replacing tires, and $3,800 overhauling the engine. The truck should remain in service for five years and have a residual value of $5,000. The truck's annual mileage is expected to be 28.000 miles in each of the first four years and 18.000 miles in the fifth year-130,000 miles in total. In deciding which depreciation method to use, Carl Thomas, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the mes 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 Asset Cost Depreciable Cost Depreciation for the Year Useful Life Depreciation Accumulated Expense Depreciation Book Value 1-1-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 12-31-2028 Before completing 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. (Round depreciation expense per unit to two decimal places.) Depreciation per unit Prepare a depreciation schedule using the units-of-production method. (Enter the depreciation per unit to two decimal places, $XXX) Units-of-Production Depreciation Schedule Depreciation for the Year Date 1-1-2024 Asset Cost Depreciation Per Unit Number of Units Depreciation Accumulated Expense Depreciation Book Value 12-31-2024 12-31-2025 12-31-2026 12-31-2027 12-31-2028 Prepare a depreciation schedule using the double-declining balance (DOB) method. (Round depreciation expense to the nearest whole dollar) Double-Declining Balance Depreciation Schedule Asset Cost Book Depreciation for the Year DOB Rate Depreciation Accumulated Expense Depreciation Book Value 1-1-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 12-31-2028 Requirement 2. Trusty prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Trusty uses the truck. Identify the depreciation method that meets the company's objectives The depreciation method that reports the highest net income in the first year is the method. It produces the ▼depreciation expense and therefore the highest net income