On January 2, 2016, Rapid Delivery Service purchased a truck at a cost of $ 75 comma 000. Before placing the truck in service, Rapid spent $ 3 comma 000 painting it, $ 1 comma 200 replacing tires, and $ 8 comma 800 overhauling the engine. The truck should remain in service for five years and have a residual value of $ 10 comma 000. The truck's annual mileage is expected to be 27 comma 000 miles in each of the first four years and 12 comma 000 miles in the fifth yearlong dash120 comma 000 miles in total. In deciding which depreciation method to use, Harvey Warner, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the requirementsLOADING Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2-2016 88000 88000 12-31-2016 17600 / ▼ = 12-31-2017 17600 / 5 years = 35200 12-31-2018 17600 / 5 years = 52800 12-31-2019 17600 / 5 years = 70400 12-31-2020 17600 / 5 years = 88000