At une beginning of the year, Mitt Corporation bought machinery, shelving, and a forklift. The machinery initially cost $30,800 but had to be overhauled (at a cost of $2,240 ) before it could be installed (at a cost of $1,120) 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 $480 in each year. The shelving cost $9,950 and was expected to last 5 years, with a residual value of $730. The forklift cost $16,650 and was expected to last six years, with a residual value of $2,260. 4. Compute year 2 straight-line depreciation expense for the shelving and give the journal entry to record it. Complete this question by entering your answers in the tabs below. Compute year 2 straight-line depreciation expense for the shelving. At the beginning of the year, Mitt Corporation bought machinery, sheiving, and a forklif. The machinery initially cost $30,800 but had to be overhauled (at a cost of $2,240 ) before it could be installed (at a cost of $1,120) 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 $480 in each year. The shelving cost $9,950 and was expected to last 5 years, with a residual value of $730. The forklift cost $16,650 and was expected to last six years, with a residual value of $2,260. Compute year 2 straight-line depreciation expense for the shelving and give the journal entry to record it. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the year 2 straight-line depreciation expense for the shelving. (If no entry is required for a transactionvevent, select "No Journal Entry Required" in the first account fleld.)