Required information [The following information applies to the questions displayed below.] At the beginning of the year, Soldano.com bought machinery, shelving, and a forklift. The machinery initially cost $28,800 but had to be overhauled (at a cost of $1,840) before it could be installed (at a cost of $920) 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 $430 in each year. The shelving cost $9,700 and was expected to last 5 years, with a residual value of $680. The forklift cost $14,400 and was expected to last six years, with a residual value of $2,160. 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.)