Chapter 9 PICHW w Help Save & EN Submit Check my work 16 Required information The following information applies to the questions displayed below.) At the beginning of the year, Mint 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 $1120) 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 7000 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 $46,650 and was expected to last six years, with a residual value of $2.260 2. Compute year 2 units of production depreciation expense for the machinery. (Do not round intermediate calculations.) dumnespera 4. Check my work Required information The following information applies to the questions displayed below! At the beginning of the year. Mint 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 $1120) and finally put into use. The machinery 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 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 transactions View journal entry worksheet Transaction General Journal 1 Depreciation Expense Accumulated Depreciation Machinery Debat Credit