University Car Wash purchased new soap dispensing equipment that cost $231,000 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 2 1,800 3 1,900 4 2,100 5 1,900 6 1,900 Problem 7-5A (Algo) Part 1 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 Year 1 Depreciation Accumulated Book Value Expense Depreciation $ 34,250 $ 34,250 $ 196,750 2 34,250 3 34,250 4 34,250 5 34,250 6 34,250 Total $ 205,500 wwwwwwww