Required information Skip to question [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $267,000 including installation. The company estimates that the equipment will have a residual value of $24,000. University Car Wash also estimates it will use the machine for six years or about 12,000 total hours. Actual use per year was as follows: Year Hours Used 1 3,000 2 1,200 3 1,300 4 2,700 5 2,500 6 1,300