Required information Problem 7.50 Determine depreciation under three methods (L07-4) (The following information applies to the questions displayed below.) Cheetah Copy purchased a new copy machine. The new machine cost $124,000 including installation. The company estimates the equipment will have a residual value of $31,000. 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: Year Hours Used 2.000 2,000 2.000 3.000 Problem 7-5B 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.) CHEETAH COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Homework graded i Help Sa 2,000 3,000 Problem 7-5B 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.) CHEETAH COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Year Depreciation Accumulated Expense Depreciation Book Value 62,000 $ 62,000 $ 62,000 31,000 93,000 Total $ 93,000