While You Wait Copy purchased a new copy machine. The new machine cost $136,000 including installation. The company estimates the equipment will have a residual value of $34,000. While You Wait Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Hours Used 1 2,900 2 3 4 1,900 1,900 3,500 Required: 1. Prepare a depreciation schedule for four years using the straight-line method.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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While You Wait Copy purchased a new
copy machine. The new machine cost
$136,000 including installation. The
company estimates the equipment will
have a residual value of $34,000. While You
Wait Copy also estimates it will use the
machine for four years or about 8,000 total
hours. Actual use per year was as follows:
Year Hours Used
1
2,900
2
3
4
1,900
1,900
3,500
Required:
1. Prepare a depreciation schedule for four
years using the straight-line method.
Transcribed Image Text:While You Wait Copy purchased a new copy machine. The new machine cost $136,000 including installation. The company estimates the equipment will have a residual value of $34,000. While You Wait Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Hours Used 1 2,900 2 3 4 1,900 1,900 3,500 Required: 1. Prepare a depreciation schedule for four years using the straight-line method.
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