one journal entry

[The following information applies to the questions displayed below! At the beginning of the year, Foster & Long Company bought machinery, shelving, and a forklift The machinery initially cost $28,400 but had to be overhauled (at a cost of $1.760) before it could be installed (at a cost of $880) 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 $420 in each year The shelving cost $9,650 and was expected to last 5 years, with a residual value of $670 The forklift cost $13,950 and was expected to last six years, with a residual value of $2,140 3. Prepare the journal entry to record year 2 depreciation expense for the machinery (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet