On January $3,2018,$ Quick Delivery Service purchased a truck at a cost of $$65,000.$ Before placing the truck in service, Quick spent $$4,000$ painting it$,$ $$1,500$ replacing tires, and $$9,000$ overhauling the engine. The truck should remain in service for five years and have a residual value of $$6,000.$ The truck's annual mileage is expected to be $23,000$ miles in each of the first four years and $13,000$ miles in thi fifth year$-105,000$ miles in total. In deciding which depreciation method to use, Harold Parker, the general manager, requests a depreciation schedule for each of the depreciation methods $($straight$-$line, units$-$of$-$production, and double$-$declining$-$balance$).$

Requirements

Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense,

accumulated depreciation, and asset book value.

Quick 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 Quick uses the truck. Identify the depreciation method that meets

the company's objectives.