Required information Problem 7-5A Determine depreciation under three methods (L07-4) The following information applies to the questions displayed below.) University Car Wash built a deluxe car wash across the street from campus. The new machines cost $246,000 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 2.800 1,900 2.000 2,000 1,800 1,500 Problem 7-5A Part 2 2. Prepare a depreciation schedule for six years using the double-declining balance method. (Do not round your intern calculations.) Answer is not complete. UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of year amounts Depreciation Accumulated Year Book Value Expense Depreciation 82,000 $ 82,000 $ 164,000 54,667 33,340 27,000 Total $ 170,007