University Car Wash built a deluxe car wash across the street from campus. The new machines cost $255,000 including installation. The company estimates that the equipment will have a residual value of $22,500. 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 3,100 2 1,600 3 1,700 4 2,300 5 6 2,100 1,700 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Depreciation Accumulated Year Book Value Expense Depreciation 1 $ 38,750 $ 38,750 $ 216,250 2 38,750 77,500 177,500 3 38,750 4 38,750 5 38,750 193,750 6 38,750 232,500 22,500 Total $ 232,500 Screenshot University Car Wash built a deluxe car wash across the street from campus. The new machines cost $255,000 including installation. The company estimates that the equipment will have a residual value of $22,500. 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 3,100 2 1,600 3 1,700 4 2,300 5 6 2,100 1,700 3. Prepare a depreciation schedule for six years using the activity-based method. (Round your "Depreciation Rate" to 2 decima places and use this amount in all subsequent calculations.) UNIVERSITY CAR WASH Depreciation Schedule-Activity-Based End of year amounts Depreciation Accumulated Year Book Value Expense Depreciation 1 $ 57,660 $ 57,660 2 29,760 29,760 3 4 5 6 Total $ 87,420 Screenshot