! Required information Problem 7-5B Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy machine....

Extracted text: ! Required information Problem 7-5B Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy machine. The new machine cost $110,000 including installation. The company estimates the equipment will have a residual value of $27,500. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Hours Used 2,000 1,600 2,000 3,200 Year 1 2 4 Problem 7-5B Part 2 2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your intermediate calculations.) X Answer is complete but not entirely correct. CHEETAΗ COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Depreciation Accumulated Year Вook Value Danreaintion Evnanse


Extracted text: Problem 7-5B Part 2 2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your intermediate calculations.) X Answer is complete but not entirely correct. CHEETΑΗ COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Depreciation Expense Accumulated Year Book Value Depreciation 1 $ 41,250 X $ 20,625 X $ 68,750 2 34,375 X 41,250 X 34,375 3 6,875 61,875 27,500 4 82,500 27,500 Total 82,500