2 2 Problem 7-58 Determine depreciation under three methods (LO7-4) The following information applies to the questions displayed below] Cheetah Copy purchased a new copy machine. The new machine cost $108,000 including installation. The company estimates the equipment will have a residual value of $27,000. Cheetah Copy also estimates it will use the machine for four years or about 8.000 total hours. Actual use per year was as follows: 3,000 2,000 1,400 2.400 Problem 7-58 Part 2 2. Prepare a depreciation schedule for four years using the double-declining balance method. (Hint: The asset will be depreciated in only two years) (Do not round your intermediate calculations.) Answer is complete but not entirely correct. CHEETAH COPY Depreciation Schedule-Double Deling-Balance End of Year Amount Depreciation Expense Accumulated Back Value Depresian 9 54,000 $4,000 $4,000 27,000 O 81.000 O 27.000 -> 3 500 O 27,000 O 00 $4,500 27.000 O 1000