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University Car Wash purchased new soap dispensing equipment that cost $237,000 including installation. The company estimates that the equipment will have a residual value of $28,500. 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
Hours Used
1
2,700
2
2,000
3
2,100
4
1,900
5
1,700
6
2,100
Required:
1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.)
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