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University Car Wash built a deluxe car wash across the street from campus. The new machines cost $246,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours.
Actual use per year was as follows: Year Hours Used1 2,8002 1,9003 2,0004 2,0005 1,8006 1,500
Required:
Problem 1. Prepare depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.)
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