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 $132,000 including installation. The company estimates the equipment will have a residual value of $33,000. 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 3,000 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.) CHEETAH COPY Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Accumulated Expense Book Value Depreciation Year 1 2 3 4 Total $ 0 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 Depreciation Year Expense 1 2 3 4 Total $ Accumulated Depreciation Book Value