Required information. Problem 7-5B Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below] Cheetah Copy purchased a new copy machine. The new machine cost $118,000 including installation. The company estimates the equipment will have a residual value of $29,500. 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 1 Hours Used 2,000 2 2,000 3 2,000 4 3,200 Problem 7-5B Part 1 Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.) Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.) Answer is not complete. CHEETAH COPY Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Accumulated Depreciation Book Value Year Expense 1 $ 22,125 $ 22,125 $ 59,000 2 22,125 44,250 3 22,125 66,375 265,500 4 22,125 88,500 354,000 Total S 88,500 2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your intermediate calculations.) CHEETAH COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Year Depreciation Expense 1 2 3 4 Total Accumulated Book Value Depreciation ces 3. Prepare a depreciation schedule for four years using the activity-based method. (Round your "Depreciation Rate" to 3 decimal places and use this amount in all subsequent calculations.) CHEETAH COPY Depreciation Schedule-Activity-Based End of Year Amounts Year Depreciation Expense 1 2 3 4 Total Accumulated Depreciation Book Value