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Required information [The following information applies to the questions displayed below.] University Car Wash built a deluxe car wash across the street from campus. The new machines 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 2 4 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) X Answer is not complete. UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Depreciation Expense Accumulated Year Book Value Depreciation 44,688 X $ 44,688 X $ 174,312 2 22,344 X 3 23,940 4 Total 2$ 90,972

Required information [The following information applies to the questions displayed below.] University Car Wash built a deluxe car wash across the street from campus. The new machines 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 2 4 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) X Answer is not complete. UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Depreciation Expense Accumulated Year Book Value Depreciation 44,688 X $ 44,688 X $ 174,312 2 22,344 X 3 23,940 4 Total 2$ 90,972

FINANCIAL ACCOUNTING
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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Required information [The following information applies to the questions displayed below.] University Car Wash built a deluxe car wash across the street from campus. The new machines 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 2 4
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] University Car Wash built a deluxe car wash across the street from campus. The new machines 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 2 4
Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) X Answer is not complete. UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Depreciation Expense Accumulated Year Book Value Depreciation 44,688 X $ 44,688 X $ 174,312 2 22,344 X 3 23,940 4 Total 2$ 90,972
Transcribed Image Text:Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) X Answer is not complete. UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Depreciation Expense Accumulated Year Book Value Depreciation 44,688 X $ 44,688 X $ 174,312 2 22,344 X 3 23,940 4 Total 2$ 90,972
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