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5. Compute years 1 and 2 double-declining-balance depreciation expense for the trailer. Required information [The following information applies to the questions displayed below] At the beginning of the year, Jorgenson Companies bought a shed, a machine, and a tralle: The shed initially cost $20,900 but had to be renovated at a cost of $660. The shed was expected to last 7 years, with a residual value of $1750. Repairs costing $480 were incurred at the end of the firstyear of use. The machine cost $11,550, and is estimated to have a total hife of 40,000 hours and resiclual value of $900. The machine was actually used 2,000 hours in year 1 and 4,000 hours in year 2 The traller cost $11900 and was expected to last 4 years, with o residuai value of $2,000. Required: 1. Compute the amount to be capitalized for the shed 4. Prepare the journal entry to record year 2 units-of-production depreciation expense for the machine iDo not round intermediate colculations. If no entry is required for a transoction/event, select "No Journal Entry Required" in the first account field.) 6. Prepare the joumal entry to record year 2 double-declining balance depreclation expense for the trabier (If no entry is required for o tronsaction/event, select "No Journal Entry Required" in the first occount field.) 2. Compute year 2 straight-line depreciation expense for the shed and prepare the journal entry to record it. (If no entry is required for o transaction/event, select "No Journol Entry Required" in the first account field.) 3. Compute year 2 units-of-production depreciation expense for the machine. (Do not round intermediate colculations.)