Required information Problem 7-5A Determine depreciation under three methods (LO7-4) [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 $264,000 including installation. The company estimates that the equipment will have a residual value of $25,500. 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 2 Hours Used 2,900 1,300 1,400 2,600 2,400 1,900 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) Year UNIVERSITY CAR WASH Depreciation Schedule-Deuble-Declining Balance End of year amounts Book Value Depreciation Accumulated Expense Depreciation 1 $ 68.000 2 3 4 B B Total 146,000