2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Estimates Machine Residual Value $2,200 1,800 1,700 Depreciation Method Straight-line Units-of-production Double-declining-balance Life 5 years 20,000 hours 10 years View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal