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 $252,000 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 3,000 2 1,700. 3 1,800 4 2,200 2,000 1,300 Problem 7-5A (Algo) Part 3 3. Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decimal places and use this amount in all subsequent calculations.) Year UNIVERSITY CAR WASH Depreciation Schedule-Activity-Based End of Year Amounts Depreciation Expense Accumulated Depreciation Book Value