Required information Problem 7-58 (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] While You Wait Copy purchased a new copy machine. The new machine cost $110,000 including installation. The company estimates the equipment will have a residual value of $27,500. While You Wait 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 1 Hours Used 2,000 2 1,600 3 2,000 3,200 Problem 7-5B (Algo) Part 1 Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.) WHILE YOU WAIT COPY Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Year Expense 1 2 3 4 Total $ Accumulated Depreciation Book Value