0 Required information CP9-1 (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, Mitt Corporation bought machinery, shelving, and a forklift. The machinery initially cost $30,800 but had to be overhauled (at a cost of $2,240) before it could be installed (at a cost of $1,120) 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 $480 in each year. The shelving cost $9,950 and was expected to last 5 years, with a residual value of $730. The forklift cost $16,650 and was expected to last six years, with a residual value of $2,260. CP9-1 (Algo) Part 6 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.) View transaction list Journal entry worksheet A Record the double-declining balance depreciation expense for the forklift for year 2. (Aigoj Part 6 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.) View transaction list Journal entry worksheet Record the double-declining balance depreciation expense for the forklift for year 2. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Clear entry Record entry < Prev 18 $90 View general journal of 20 Next >