Raine Industries bought a machine at the beginning of the year at a cost of $32,000. The estimated useful life was five years and the residual value was $4,000.

Required:

1. Complete a depreciation schedule for the straight-line method.
2. Prepare the journal entry to record Year 2 depreciation.

Required 1 Required 2 Complete a depreciation schedule for the straight-line method. Year Income Statement Depreciation Expense Balance Sheet Accumulated Depreciation Cost Book Value At acquisition 1 2 3 4 5 Required 1 Required 2 Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, select "No Required" in the first account field.) View transaction list Journal entry worksheet