Required information Problem 7-5A (Algo) Determine depreciation under three methods (L07-4) (The following information applies to the questions displayed below.) University Car Wash purchased new soap dispensing equipment that cost $219.000 including installation. The company estimates that the equipment will have a residual value of $19,500. 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 2,800 1,400 1,500 2,500 2,300 2,000 Problem 7-5A (Algo) Part 1 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Expense Accumulated Depreciation Year Book Value

Required information Problem 7-5A (Algo) Determine depreciation under three methods (L07-4) (The following information applies to the questions displayed below.) University Car Wash purchased new soap dispensing equipment that cost $219.000 including installation. The company estimates that the equipment will have a residual value of $19,500. 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 2,800 1,400 1,500 2,500 2,300 2,000 Problem 7-5A (Algo) Part 1 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Expense Accumulated Depreciation Year Book Value

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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