On January 1, Hawailan Specialty Foods purchased equipment for $41,000. Residual value at the end of an estimated four-year service life is expected to be $3,500. The machine operated for 3,600 hours in the first year, and the company expects the machine to operate for a total of 31,000 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.) Journal entry worksheet Record the depreciation expense for the second year using the straight-line method. Note: Enter debits betore credits On January 1. Hawaiian Specialty Foods purchased equipment for $41,000. Residual value at the end of an estimated four-year service ife is expected to be $3,500. The machine operated for 3,600 hours in the first year, and the company expects the machine to operate for a total of 31,000 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.) Journal entry worksheet Record the depreciaon expense for the first year using the straight-ine method. Notei Enter debits bedere credits