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On July 1, 2020 Headlands's Greenhouse purchased a new delivery truck for $100,000. Headlands estimates that the delivery truck will have a five-year useful life, or 225,000 kilometres, and a residual value of $10,000. Headlands's Greenhouse has a December 31 year end. Headlands drove the truck 15,000 km in 2020 and 34,000 km in 2021. Calculate depreciation expense using the straight-line method for 2020 and 2021. 2020 2021 Depreciation Expense Calculate depreciation expense using the double-diminishing-balance method for 2020 and 2021. 2020 2021 Depreciation Expense $ Calculate depreciation expense using the units-of-production method for 2020 and 2021. (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to o decimal places, e.g. 5,275.) 2020 2021 Depreciation Expense On July 1, 2020, Molly's Greenhouse purchased a new delivery truck for $98,000. She paid a $20,000 cash and signed a promissory note for the remainder. Molly estimates that the delivery truck will have a five-year useful life, or 300,000 kilometres and a residual value of $8,000 Molly's Greenhouse has a December 31 year end. Molly drove the truck 24,000 km in 2020; 68,000 km in 2021; 70,000 in 2022; 66,000 in 2023, and 73,000 in 2024 Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line method 2. double-diminishing-balance, and 3. units-of-production method (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to o decimal places, e.g. 5,276.) 1. STRAIGHT-LINE METHOD End of Year Year Depreciable Amount Depreciation Rate X Depreciation Expense Accumulated Depreciation Carrying Amount Truck 2020 2021 2022 2023 2024 2. DOUBLE-DIMINISHING-BALANCE METHOD End of Year Year Depreciable Amount Depreciation Rate Depreciation Expense Accumulated Depreciation Carrying Amount Vehicles 2020 $ 2021 96 2022 96 2023 % 2024 96 2025 96 3. UNITS-OF-PRODUCTION METHOD End of Year No. of Units Depreciation Amt/Unit Depreciation Expense Accumulated Depreciation Carrying Amount Year Vehicles $ 2020 2021 2022 2023 2024 Prepare journal entries to record the purchase of the asset on July 1, 2020, and to record depreciation expense on December 31, 2022 under the double diminishing balance method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit What is the carrying amount on December 31, 2023 under the double-diminishing balance method? (Round answer to o decimal places, e.g. 5,276.) Carrying amount What is the accumulated depreciation amount on December 31, 2023 under the units-of-production method? Accumulated depreciation amount 5 What is the carrying amount on December 31, 2023 under the double-diminishing balance method? (Round answer to o decimal places, e.g. 5,276.) Carrying amount What is the accumulated depreciation amount on December 31, 2023 under the units-of-production method? Accumulated depreciation amount What is the carrying value at the end of the life of the asset under the straight-line method? Carrying value How does your answer in the immediately preceding question compare to the other two methods? The answers in the immediately preceding question is compared to the other two methods