Required information PB9-1 (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, Goldenrod Corporation bought a shed, a machine, and a trailer. The shed initially cost $21,600 but had to be renovated at a cost of $800. The shed was expected to last 7 years, with a residual value of $2,100. Repairs costing $620 were incurred at the end of the first year of use. The machine cost $11,900, and is estimated to have a total life of 40,000 hours and residual value of $900. The machine was actually used 2,000 hours in year 1 and 4,000 hours in year 2. The trailer cost $12,600 and was expected to last 4 years, with a residual value of $2,000. Journal entry worksheet A Record the year 2 straight-line depreciation expense for the shed. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Depreciation Expense View general journal Record entry Clear entry