2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Estimates Life 5 years 50,000 hours 6 years Depreciation Method Straight-line Units-of-production Double-declining-balance Machine Residual Value $ 200 1,000 2,400 A TIP: Remember that the formula for double-declining-balance uses cost minue arcumulated. depreciation (not residual value) Inbox (125)- seansickler1@gmail.com- Gmail View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Depreciation Expense 1 1 Accumulated Depreciation - Machine A 2,220 Accumulated Depreciation Machine B Accumulated Depreciation Machine C 10,500 CBC 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Estimates Life 5 years 50,000 hours 6 years Depreciation Method Straight-line Units-of-production Double-declining-balance Machine Residual Value $ 200 1,000 2,400 A TIP: Remember that the formula for double-declining-balance uses cost minue arcumulated. depreciation (not residual value) Inbox (125)- seansickler1@gmail.com- Gmail View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Depreciation Expense 1 1 Accumulated Depreciation - Machine A 2,220 Accumulated Depreciation Machine B Accumulated Depreciation Machine C 10,500 CBC