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 4 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of year amounts Depreciation Expense Accumulated Year Book Value Depreciation 2 3 4 Total %24
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 4 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of year amounts Depreciation Expense Accumulated Year Book Value Depreciation 2 3 4 Total %24
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
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F219064fc-be0d-4a8b-a28d-bcaa5ec97039%2Ffa7c1626-90b8-4672-8b5f-e0171e9c3afb%2Fnsb8y7g.png&w=3840&q=75)
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
4
Transcribed Image Text:2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate
calculations.)
UNIVERSITY CAR WASH
Depreciation Schedule-Double-Declining-Balance
End of year amounts
Depreciation
Expense
Accumulated
Year
Book Value
Depreciation
2
3
4
Total
%24
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