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 $240,000 including installation. The company estimates that the equipment will have a residual value of $30,000. 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 2. 3 4 5 Hours Used 2.600 2.100 2,200 1.800 1.600 1.700 Problem 7-5A 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 ScheduleStraight-Line End of year amounts Depreciation Accumulated Book Value Expense Depreciation Year 1 2 3 4 5 6 Total of 3 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 $240,000 including installation. The company estimates that the equipment will have a residual value of $30,000. 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 3 2 3 Hours Used 2.600 2,100 2,200 1.000 1.600 1,700 5 6 Problem 7-5A Part 2 2. Prepare a depreciation schedule for six years using the double-declining balance method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of year amounts Year Depreciation Accumulated Book Value Expense Depreciation 1 2 GAN 4 5 6 Total Problem 7-5A Determine depreciation under three methods (L07-4) The following information applies to the questions displayed below) Year University Car Wash built a deluxe car wash across the street from campus. The new machines cost $240,000 including Installation. The company estimates that the equipment will have a residual value of $30,000. 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: Hours Used 2.600 2,100 2,200 1.800 1.600 1,700 1 2 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.) UNIVERSITY CAR WASH Depreciation Schedule - Activity-Based End of year amounts Depreciation Accumulated Book Value Expense Depreciation Year 1 2 3 4 5 6 Total