Compute the amount to be capitalized for the shed.

PB9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] [The following information applies to the questions displayed below] At the beginning of the year, Canary.com bought a shed, a machine, and a trailer. The shed initially cost $21,100 but had to be renovated at a cost of $700. The shed was expected to last 7 years, with a residual value of $1,850. Repairs costing $520 were incurred at the end of the first year of use. The machine cost $11,650, 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 $12,100 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