! Required information Problem 7-5A Determine depreciation under three methods (LO7-4) [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 $249,000 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 1 Hours Used 2,900 1,800 1,900 2,100 1,900 1,900 4 5 6 Problem 7-5A Part 2 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 Accumulated Year Expense Book Value Depreciation 1 $ 82,170 X $ 82,170 $ 166,830 X 2 55,054 137,224 X 111,776 X 3 36,886 174, 110 X 74,890 X 4 24,714 X 198,824 X 50,176 5 X x X 6 Total $ 198,824 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted