O 3 of 3 Required Information Problem 7-5B Determine depreciation under three methods (L07-4) The following information applies to the questions displayed below. Cheetah Copy purchased a new copy machine. The new machine cost $126,000 including installation. The company estimates the equipment will have a residual value of $31,500. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 1 2 3 Hours Used 2,000 2,000 2,800 3,280 Book Print Problem 7-5B Part 3 erences 3. Prepare a depreciation schedule for four years using the activity-based method. (Round your "Depreciation Rate" to 3 decimal places and use this amount in all subsequent calculations.) CHEETAH COPY Depreciation Schedule Activity-Based End of Year Amounts Depreciation Accumulated Book Value Expense Depreciation Year 1 2 3 4 Total Next > Chapter 7 Homework (Algo) Same 6 Problem 7-68 Record amortization and prepare the intangible assets section (LO7-5) The following information applies to the questions displayed below) 17 points The following Information relates to the intangible assets of Lettuce Express: a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,540,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,386,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of processing lettuce valued at $44,100. The original legal life of the patent was 20 years. There are still17 years left on the patent, but Lettuce Express estimates the patent will be useful for only 9 more years c. Lettuce Express acquired a franchise on July 1, 2021, by paying an initial franchise fee of $206,400. The contractual Ide of the franchise is eight years Print References Problem 7-6B Part 1 Required: 1. Record amortization expense for the intangible assets at December 31, 2021 (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 > Record the amortization on goodwill. Note: Enter debits before credits ME Gran HE