Required information. [The following information applies to the questions displayed below] At the beginning of the year, Foster & Long Company bought machinery, shelving, and a forklift. The machinery initially cost $28,400 but had to be overhauled (at a cost of $1,760) before it could be installed (at a cost of $880) 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 $420 in each year. The shelving cost $9,650 and was expected to last 5 years, with a residual value of $670. The forklift cost $13,950 and was expected to last six years, with a residual value of $2,140. 3. Prepare the journal entry to record year 2 depreciation expense for the machinery. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A Record the year 2 depreciation expense for the machinery. Note: Enter debits before credits. Transaction General Journal Debit Credit