Check my work Required information The following information applies to the questions displayed below.) At the 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 (ot 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 5480 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. 5. Compute double-declining-balance depreciation expense for years 1 and 2 for the forklift. TIP: Remember that the formula for double declining balance uses cost minus accumulated depreciation (not residual value] Ya 1 Year 2 Double-declining-balance S, WWW.UU. 6. Prepare the journal entry to record double-declining balance depreciation expense for the forklin for year 2. of no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field) View transactions Journal entry worksheet Record the double-declining balance depreciation expense for the forklift for year 2 Not Enter den before credits Transaction General Journal Dabit Credit View general journal Record entry Clear entry