P7-5B Cheetah Copy purchased a new copy machine. The new machine cost $140,000 including installation. The company estimates the equipment will have a residual value of $35,000. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Required: Prepare a depreciation schedule for four years using the following methods: 1. Straight-line. 2. Double-declining-balance. (Hint: The asset will be depreciated in only two years.) 3. Activity-based. Actual use per year was as follows: Year Hours Used 3,000 2,000 2,000 2,000 2 4