Problem 7-5A Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] University Car Wash built a deluxe car wash across the street from campus. The new machines cost $270,000 including Installation. The company estimates that the equipment will have a residual value of $24,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours. Actual use per year was as follows: Year 1 Hours Used 3,100 2 1,100 3 1,200 4 2,800 5 2,600 1,200 Problem 7-5A Part 3 Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decimal laces and use this amount in all subsequent calculations.) Year 1 Answer is not complete. UNIVERSITY CAR WASH Depreciation Schedule-Activity-Based End of year amounts Depreciation Expense $ 635,500 Accumulated Depreciation Book Value -23450 Total S 635,500