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.) Depreciation Method Straight-line Units-of-production Double-dedining-balance Machine Life Residual Value $2,700 5 years 20,000 hours 10 years 2,300 1,500 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 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.) Depreciation Method Straight-line Units-of-production Double-dedining-balance Machine Life Residual Value $2,700 5 years 20,000 hours 10 years 2,300 1,500 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