Five O'Clock, Inc. purchased a van on January 1, 2017, for $800,000. Estimated life of the van was five years, and its estimated residual value was $90,000. Five O'Clock uses the straight-line method of depreciation. Prepare the depreciation schedule.

                                                              

                                            Depreciation for the year

                                                                            Depre-    Accumu-

                                                                 Useful  ciation       lated         Book

Date        Asset cost   Depreciable cost    life   expense depreciation value

1-1-2017   $800,000                                                                        $800,000

12-31-2017              ($800,000 - $90,000)    5 $142,000 $142,000  658,000

12-31-2018              ($800,000 - $90,000)    5   142,000   284,000  516,000

12-31-2019                                             

12-31-2020                                             

12-31-2021