University Car Wash purchased new soap dispensing equipment that cost $270,000 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 123456 Hours Used 3,100 1,100 1,200 2,800 5 2,600 6 1,200 Required: 1. Prepare a depreciation schedule for six years using the straight-line method.