Required information [The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy machine. The new machine cost $122,000 including installation. The company estimates the equipment will have a residual value of $30,500. 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 Hours Used 2,000 2,000 2,000 3, 200 2 3 4 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 Éxpense Year Book Value Depreciation 2 3 4. Total
Required information [The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy machine. The new machine cost $122,000 including installation. The company estimates the equipment will have a residual value of $30,500. 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 Hours Used 2,000 2,000 2,000 3, 200 2 3 4 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 Éxpense Year Book Value Depreciation 2 3 4. Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Required information
[The following information applies to the questions displayed below.]
Cheetah Copy purchased a new copy machine. The new machine cost $122,000 including installation. The company
estimates the equipment will have a residual value of $30,500. 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
Hours Used
2,000
2,000
2,000
3, 200
3
4
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
Expense
Accumulated
Depreciation
Year
Book Value
1
2
3
4
Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2e363c5-2472-4cf7-839e-3830821f17e5%2F7d04c16d-6a45-449a-9fe7-12f9e3ca63c9%2Fredawcg_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Cheetah Copy purchased a new copy machine. The new machine cost $122,000 including installation. The company
estimates the equipment will have a residual value of $30,500. 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
Hours Used
2,000
2,000
2,000
3, 200
3
4
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
Expense
Accumulated
Depreciation
Year
Book Value
1
2
3
4
Total
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