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. 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