Brlef Exercise 7-12 (Algo) Record depreclatlon using actlvity-based method (LO7-4) On January 1, Hawailan Specialty Foods purchased equipment for $50,000. Residual value at the end of an estimated four-year service life is expected to be $4,400. The company expects the machine to operate for a total of 40,000 hours. The machine operated for 3.300 hours in the first year and 3,600 hours in the second year Record depreciation expense for the first two years using the activity-based method. (If no entry is required for a portleular transoction/event, select "No Journal Entry Required" In the first account fleld.) Journal entry worksheet Record the depreciation expense for the first year using the activity-based method. Nuten finter debas before credits Journal entry worksheet Record the depreciation expense for the second year using the activity-based method. Note: Enter debals before credits