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Learning Objectives 1, 2 1. Units-of-production, 12/31/14, Exp. $16,170 $4.000 painting 12,000 miles in the fifth year -100,000 miles in total. In deciding which depre- P10-37B Determining asset cost, recording first year depreciation, and identifying depreciation results that meet management objectives Oos January 3, 2014, Speedway Delivery Service purchased a truck at a cour of $65,000. Before placing the truck in service, Speedway spent I $2,500 replacing tires , and $8.000 overhauling the engine. The truck should remain in service for five years and have a residual value of S6.000. The trucks annual mileage is expected to be 22,000 miles in each of the first four years and ciation method to use, David Greer, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining balance). Requirements 1. Prepare a depreciation schedule for each depreciation method, showing aset cost, depreciation expense, accumulated depreciation, and asset book value 2. Speedway 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 Speedway uses the truck. Identify the depreciation method that meets the company's objectives. CHAPTER 10