Raine Industries bought a machine at the beginning of the year at a cost of $24,000. The estimated useful life was five years and the residual value was $3,000. Required: 1. Complete a depreciation schedule for the straight-line method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a depreciation schedule for the straight-line method. Income Statement Year Depreciation Expense Cost At acquisition 1 Balance Sheet Accumulated Depreciation Book Value 2 3 4 5 Required Required 2 >