At the beginning of the year, Mahogany, Incorporated bought machinery, shelving, and a forklift. The machinery initially cost $30,400 but had to be overhauled (at a cost of $2,160 ) before it could be installed (at a cost of $1,080 ) and finally put into use. The machinery's total life was estimated as 40,000 hours, with an estimated residual value of $1,000. The machinery was actually used 5,000 hours in year 1 and 7,000 hours in year 2 . Repair costs were $470 in each year. The shelving cost $9,900 and was expected to last 5 years, with a residual value of $720. The forklift cost $16,200 and was expected to last six years, with a residual value of $2,240. P9-1 (Algo) Part 5 Compute double-declining-balance depreciation expense for years 1 and 2 for the forklift. TIP: Remember that the formula for ouble-declining-balance uses cost minus accumulated depreciation (not residual value)