Wonder Fried Chicken bought equipment on January 2, 2024, for $15,000. The equipment was expected to...

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Wonder Fried Chicken bought equipment on January 2, 2024, for $15,000. The equipment was expected to remain in service for four years and to operate for 4,000 hours. At the end of the equipment's useful life, Wonder estimates that its residual value will be $3,000. The equipment operated for 400 hours the first year, 1,200 hours the second year, 1,600 hours the third year, and 800 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 Straight-Line Depreciation Schedule Depreciation Accumulated Book Expense Depreciation Value Depreciation for the Year Asset Depreciable Useful Date Cost Cost Life 1-2-2024 12-31-2024 12-31-2025 IE 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. ( )+ Prepare a depreciation schedule using the units-of-production method. = Depreciation per unit Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Date Cost Per Unit 1-2-2024 12-31-2024 12-31-2025 12-31-2026 Number of Units 12-31-2027 Depreciation Accumulated Book Expense Depreciation Value 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 Date Cost Value Rate Depreciation Accumulated Expense Depreciation Book Value 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 Wonder Fried Chicken bought equipment on January 2, 2024, for $15,000. The equipment was expected to remain in service for four years and to operate for 4,000 hours. At the end of the equipment's useful life, Wonder estimates that its residual value will be $3,000. The equipment operated for 400 hours the first year, 1,200 hours the second year, 1,600 hours the third year, and 800 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 Straight-Line Depreciation Schedule Depreciation Accumulated Book Expense Depreciation Value Depreciation for the Year Asset Depreciable Useful Date Cost Cost Life 1-2-2024 12-31-2024 12-31-2025 IE 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. ( )+ Prepare a depreciation schedule using the units-of-production method. = Depreciation per unit Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Date Cost Per Unit 1-2-2024 12-31-2024 12-31-2025 12-31-2026 Number of Units 12-31-2027 Depreciation Accumulated Book Expense Depreciation Value 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 Date Cost Value Rate Depreciation Accumulated Expense Depreciation Book Value 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