Requirement 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places Before completing the straight-line depreciation schedule, calculate the straight-line depreciation rate, One Useful life (SL) Depreciation rate year 1 - More info On January 3, 2018, Bailey Enterprises, Inc., paid $225,100 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $700 for transportation charges, $800 for insurance for the equipment while in transit, $11,000 sales tax, and $2,400 for a special platform on which to place the equipment in the plant. Management of Bailey Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $20,000. The equipment will produce 50,000 units the first year, with annual production decreasing by 5,000 units during each of the next four years (0,45,000 units in year 2: 40,000 units in year 3, and so on, for a total of 200,000 units). In trying to decide which depreciation method to use, Bailey Enterprises, Inc. requested a depreciation schedule for each of the three depreciation methods (straight-line, units of production, and double-declining balance)