2 Part 2015 10 Dots Required information P89.1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-31 The following information applies to the questions displayed below) At the beginning of the year. Folz Industries bought a shed a machine and a trailer The shed initially cost $21.200 but had to be renovated at a cost of $720. The shed was expected to last 7 years with a residual value of $1900. Repairs costing $540 were incurred at the end of the first year of use. The machine cost $11700, and is estimated to have a total of 40,000 hours and residual value of $900. The machine was actually used 2,000 hours in year and 4.000 hours in year 2 The trailer cost $12.200 and was expected to last 4 years, with a residual value of $2.000 Book PB9-1 (Algo) Part 2 2. Compute year 2 straightline depreciation expense for the shed and prepare the journal entry to record 1. dit no entry is required for a transaction/event select "No Journal Entry Required in the first account field.) Part 2016 View transaction lit 10 Dolm Journal entry worksheet Record the year 2 straight-line depreciation expence for the the Men det er General Journal Debit Cho Macerday Clowany View general