Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $219,000 including installation. The company estimates that the equipment will have a residual value of $19,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: Year 1 Hours Used 2,800 2 1,400 1,500 2,500 2,300 2,000 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.) UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of Year Amounts Year 1 $ 2 Depreciation Accumulated Book Value Expense Depreciation 31,750 $ 31,750 $ 31,750 63,500 187,250 155,500 < Prev 3 4 5 of 10 Next >