$!$

Required information

$[$The following information applies to the questions displayed below.$]$

At the beginning of the year, Tulip Corporation bought machinery, shelving, and a forklift. The machinery initially cost $$30,000$ but had to be overhauled $($at a cost of $$2,080)$ before it could be installed $($at a cost of $$1,040)$ and finally put into use. The machinery's total life was estimated as $40,000$ hours, with an estimated residual value of $$1,000.$ The machinery was actually used $5,000$ hours in year $1$ and $7,000$ hours in year $2.$ Repair costs were $$460$ in each year.

The shelving cost $$9,850$ and was expected to last $5$ years, with a residual value of $$710.$ The forklift cost $$15,750$ and was expected to last six years, with a residual value of $$2,220.$

$6.$ 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.$)$

Journal entry worksheet

A

Record the double$-$declining balance depreciation expense for the forklift for year $2.$

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,$Depreciation Expense,,$],[,$Accumulated Depreciation, Forklift,,$],[,,,]]$