At the beginning of the year, Jorgenson Companies bought a shed, a machine, and a trailer.

The shed initially cost $20,900 but had to be renovated at a cost of $660. The shed was expected to last 7 years, with a residual value of $1,750. Repairs costing $480 were incurred at the end of the first year of use.

The machine cost $11,550, and is estimated to have a total life of 40,000 hours and residual value of $900. The machine was actually used 2,000 hours in year 1 and 4,000 hours in year 2.

The trailer cost $11,900 and was expected to last 4 years, with a residual value of $2,000.

PB9-1 (Algo) Part 1

Required:

1. Compute the amount to be capitalized for the shed.

2. Compute year 2 straight-line depreciation expense for the shed and prepare the journal entry to record it. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

3. Compute year 2 units-of-production depreciation expense for the machine. (Do not round intermediate calculations.)

4. the journal entry to record year 2 units-of-production depreciation expense for the machine. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

5.Compute years 1 and 2 double-declining-balance depreciation expense for the trailer.

6. Prepare the journal entry to record year 2 double-declining balance depreciation expense for the trailer. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

I know it's a long one but I'm really struggling with this one, any help would be apreciated.