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Required information (The following information applies to the questions displayed below.) At the beginning of...

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Accounting

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Required information (The following information applies to the questions displayed below.) At the beginning of the year, Mahogany, Incorporated bought machinery, shelving, and a forklift. The machinery initially cost $27,200 but had to be overhauled (at a cost of $1,520) before it could be installed (at a cost of $760) 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 $390 in each year. The shelving cost $9,500 and was expected to last 5 years, with a residual value of $640. The forklift cost $12,600 and was expected to last six years, with a residual value of $2,080. Prepare the journal entry to record double-declining balance depreciation expense for the forklift for year 2. (If no entry is uired for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

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