Brief Exercise 7-11 (Static) Record depreciation using straight-line method (LO7-4) On January 1, Hawaiian Specialty Foods purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $3,000. The machine operated for 3,100 hours in the first year, and the company expects the machine to operate for a total of 20,000 hours. Record depreciation expense for each of the first two years using the straight-line method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the depreciation expense for the first year using the straight-line method. Note: Enter debits before credits. Date Year 1 General Journal Debit Credit Record entry Clear entry View general journal