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University Car Wash built a deluxe car wash across the street from campus. The new machines cost $231,000 including installation. The company estimates that the equipment will have a residual value of $25,500. 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 1 2,900 2 1,800 3 1,900 4 2,100 5 1,900 6 1,900 How do I create a depreciation schedule for end of the year amounts using all 3 forms of depreciation?

University Car Wash built a deluxe car wash across the street from campus. The new machines cost $231,000 including installation. The company estimates that the equipment will have a residual value of $25,500. 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 1 2,900 2 1,800 3 1,900 4 2,100 5 1,900 6 1,900 How do I create a depreciation schedule for end of the year amounts using all 3 forms of depreciation?

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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University Car Wash built a deluxe car wash across the street from campus. The new machines cost $231,000 including installation. The company estimates that the equipment will have a residual value of $25,500. 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 1 2,900 2 1,800 3 1,900 4 2,100 5 1,900 6 1,900 How do I create a depreciation schedule for end of the year amounts using all 3 forms of depreciation?
Transcribed Image Text:University Car Wash built a deluxe car wash across the street from campus. The new machines cost $231,000 including installation. The company estimates that the equipment will have a residual value of $25,500. 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 1 2,900 2 1,800 3 1,900 4 2,100 5 1,900 6 1,900 How do I create a depreciation schedule for end of the year amounts using all 3 forms of depreciation?
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