Required information CP9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] (The following information applies to the questions displayed below.) At the beginning of the year, Seraglio Companies bought machinery, shelving, and a forklift. The machinery initially cost $29,600 but had to be overhauled (at a cost of $2,000) before it could be installed (at a cost of $1,000) 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 $450 in each year. The shelving cost $9,800 and was expected to last 5 years, with a residual value of $700. The forklift cost $15,300 and was expected to last six years, with a residual value of $2,200. CP9-1 (Algo) Part 6 6. Prepare the journal entry to record double-declining balance depreciation expense for the forklift for year 2. (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 Record the double-declining balance depreciation expense for the forklift for year 2 Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal