DirectionsCritical Thinking Assignment #5Jack and Jill's Water Delivery Service is preparing adjusting entries for the month end of April 2021.As part of this, they need you to complete...

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Directions Critical Thinking Assignment #5 Jack and Jill's Water Delivery Service is preparing adjusting entries for the month end of April 2021. As part of this, they need you to complete depreciation schedules for the first five years for three assets that they purchased April 1st, 2021. On April 1st, 2021 they purchased two trucks and a forklift - the following transactions show these purchases: 1. Paid $30,000 for a Ford truck retrofitted with water delivery supplies. The truck has a 15 year useful life, a residual value of $4,000, and 43,800 hours of useful life. In each year, it is used 2,920 hours, or eight hours a day for 365 days a year. 2. Paid $40,000 for a Dodge truck retrofitted with water delivery supplies. The truck has a 15 year useful life, a residual value of $6,000, and the same hours of useful life as well as use per year as the Ford truck. 3. Paid $10,000 for a Forklift to load the trucks. The forklift has a nine year useful life, a $1,000 residual value, and 10,000 hours of useful life. In its first year, it is used for 2,000 hours due to training involved. Each year after it is used for 1,000 hours per year. Requirements: 1. Complete depreciation schedules of the first five years for each asset. As part of these depreciation schedules, you must decide which type of depreciation to utilize and provide a short paragraph on why you chose that schedule. Ford Truck Depreciation for the Year Date 2021 2022 2023 2024 2025 2026 Reasoning: Dodge Truck Depreciation for the Year Date 2021 2022 2023 2024 2025 2026 Reasoning: Forklift Depreciation for the Year Date 2021 2022 2023 2024 2025 2026 Reasoning: