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, Phantom Industries bought machinery, shelving, and a forklift. The machinery initially cost $26,000 but had to be overhauled (at a cost of $1,280) before it could be installed (at a cost of $640) 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 $360 in each year The shelving cost $9,350 and was expected to last 5 years, with a residual value of $610. The forklift cost $11.250 and was expected to last six years, with a residual value of $2,020 CP9-1 (Algo) Part 5 5. Compute double-declining balance depreciation expense for years 1 and 2 for the forklift. TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Answer is complete but not entirely correct. Year 1 3.600 $ Year 2 7,200 Double-declining-balance $