! Required information [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 $258,000 including installation. The company estimates that the equipment will have a residual value of $28,500. 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 2,700 2 1,500 3 1,600 4 2,400 5 2,200 6 2,100 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) Year UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Depreciation Accumulated Book Value Expense Depreciation 1 $ 38,250 $ 38,250 2 38,250 76,500 3 38,250 114,750 4 38,250 153,000 5 38,250 191,250 6 38,250 229,500 Total $ 229,500