Required information [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $261,000 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 1 2 3 4 5 Year 1 2 3 4 6 Total 5 6 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) Hours Used 2,800 1,400 1,500 Depreciation Expense $ 2,500 2,300 1,500 UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of Year Amounts 0 X Answer is not complete. Accumulated Depreciation Book Value

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Year
1
2
3
4
Required information
[The following information applies to the questions displayed below.]
University Car Wash purchased new soap dispensing equipment that cost $261,000 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:
5
6
Total
Year
123456
2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate
calculations.)
2
$
3
Hours Used
2,800
1,400
1,500
2,500
2,300
1,500
Depreciation
Expense
UNIVERSITY CAR WASH
Depreciation Schedule-Double-Declining-Balance
End of Year Amounts
X Answer is not complete.
0
Accumulated
Depreciation
Book Value
Transcribed Image Text:Year 1 2 3 4 Required information [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $261,000 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: 5 6 Total Year 123456 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) 2 $ 3 Hours Used 2,800 1,400 1,500 2,500 2,300 1,500 Depreciation Expense UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of Year Amounts X Answer is not complete. 0 Accumulated Depreciation Book Value
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