University Car Wash built a deluxe car wash across the street from campus. The new machines 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 Hours Used
1 3,100
2 1,100
3 1,200
4 2,800
5 2,600
6 1,200
Prepare a depreciation schedule for six years using the straight-line method.
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