Assume that on the first day of fiscal 2021 the company owner revised the total estimated useful life to seven years, with a residual value of $4,000. Prepare the depreciation schedule for the life of the machine under the straight-line depreciation method.

On June 15, 2017, a second-hand machine was purchased for $137,000. Before being put into service, the equipment was overhauled at a cost of $15,200, and additional costs of $400 for direct material and $800 for direct labour were paid in fine-tuning the controls. The machine has an estimated residual value of $7,000 at the end of its five-year useful life. The machine is expected to operate for 100,000 hours before it will be replaced and is expected to produce 1.20 million units in this time. Operating data for the next six fiscal years are provided below. The company has an October 31 fiscal year end. Year 2017 2018 2019 2020 2021 2022 Hours of Operation 10,000 20,000 20,000 20,000 18,000 12,000 Units Produced 110,000 270,000 264,000 310,000 134,000 112,000