Required information IThe following information applies to the questions dispaycd below. At the beginning of the year, Conarycom bought a shed, a machine, and a troiler. The shed inithally cost $20,300 but had to be renovated at a cost of $540. The shed was expected 10 last 7 years. With a residual value of $1,450, Repairs costing $360 were incured at the end of the first year of use. The machine cost $11.250. and is estimated to have a total life of 40.000 hours and restival value of $900. Ihe machine was actually used 2,000 hours in year 1 and 4.000 hours in year? The traller cost $11,300 and was expected to last 4 years, with a residual value of $2,000 2. Compute year 2 straight-line depreciation expense for the shed and prepare the journal entry to record it. (If no entry is required for a tronsaction/event, select "No Journol Entry Required" in the first occount fleld.)