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 Hours Used

1. 2,900

2. 1,800

3. 1,900

4. 2,100

5. 1,900

6. 1,900

Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculation UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of year amounts Vear Depreciation Accumulated Year Expense Depreciation Book Value 1 1 249,000 2 4 6 Total $ 249,000