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 compan 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 2,200 2,000 1,300 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 Depreciation Year Expense 1 2 3 4 5. 6 Total $ Accumulated Depreciation Book Value