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Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4)

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University Car Wash purchased new soap dispensing equipment that cost $261,000 including installation. The company estimates that the equipment will have a residual value of $27,000. 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	Hours Used
1	2,800
2	1,400
3	1,500
4	2,500
5	2,300
6	1,500

Problem 7-5A (Algo) Part 1

Required:

1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.)