Required information Problem 7-5B Determine depreciation under three methods (L07-4) (The following information applies to the questions displayed below) Cheetah Copy purchased a new copy machine. The new machine cost $110,000 including installation. The company estimates the equipment will have a residual value of $27,500. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 2 3 4 Hours Used 2,000 1,600 2,000 3,200 Required information Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.) CHEETAH COPY Depreciation ScheduleStraight Line End of Year Amounts Depreciation Accumulated Book Value Expense Depreciation Year 1 2 3 4 Total $