es 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. Calculate and record depreciation expense for the first year using the double-declining-balance method. Note: 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 Record the depreciation expense for the first year using the double-declining balance method. Note: Enter debits before credits. Date Year 1 General Journal Debit Credit