Determining asset cost, preparing depreciation schedules (3 methods), and identifying depreciation results that meetmanagement objectiveson january 3, 2015, rapid delivery service purchased a truck at a cost of $100,000. before placing the truck in service, rapid spent $3,000 painting it, 5600 replacing tires, and $10,400 overhauling the engine. the truck should remain inservice for five years and have a residual value of $12,000. the truck’s annual mileage is expected to be 32,000 miles ineach of the first four years and 8,000 miles in the fifth year—136,000 miles in total, in deciding which depreciation methodto use, andy sargeant, the general manager, requests a depreciation schedule for each ofthe depreciation methods(straight-line, units-of-production, and double-declining-balance).requireme nts1. prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulateddepreciation, and asset book value,2 rapid prepares financial statements using the depreciation method that reports the highest net income in the earlyyears of asset use, consider the first year that rapid uses the truck identify the depreciation method that meets thecompany’s objectives.