! Required information CP9-1 (Static) 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, Young Company bought machinery, shelving, and a forklift. The machinery initially cost $25,600 but had to be overhauled (at a cost of $1,200) before it could be installed (at a cost of $600) 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 $350 in each year. The shelving cost $9,300 and was expected to last 5 years, with a residual value of $600. The forklift cost $10,800 and was expected to last six years, with a residual value of $2,000. CP9-1 (Static) Part 4 4. Compute year 2 straight-line depreciation expense for the shelving and give the journal entry to record it