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$[$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 $$31,600$ but had to be overhauled $($at a cost of $$2,400)$ before it could be installed $($at a cost of $$1,200)$ and finally put into use. The machinery's total life was estimated as $40,000$ hours, with an estimated residual value of $$1,000.$ The machinery was actually used $5,000$ hours in year $1$ and $7,000$ hours in year $2.$ Repair costs were $$500$ in each year. The shelving cost $$10,050$ and was expected to last $5$ years, with a residual value of $$750.$ The forklift cost $$17,550$ and was expected to last six years, with a residual value of $$2,300.5.$ Compute double$-$declining balance depreciation expense for years $1$ and $2$ for the forklift. TIP: Remember that the formula for double$-$declining balance uses cost minus accumulated depreciation $($not residual value$).$ Year $1$ Year $2$ Double$-$declining balance$($The following information applies to the questions displayed below.$)$ At the beginning of the year, Foster & Long Company bought machinery, shelving, and a forklift. The machinery initially cost $$31,600$ but had to be overhauled $($at a cost of $$2,400)$ before it could be installed $($at a cost of $$1,200)$ and finally put into use. The machinery's total life was estimated as $40,000$ hours, with an estimated residual value of $$1,000.$ The machinery was actually used $5,000$ hours in year $1$ and $7,000$ hours in year $2.$ Repair costs were $$500$ in each year. The shelving cost $$10,050$ and was expected to last $5$ years, with a residual value of $$750.$ The forklift cost $$17,550$ and was expected to last six years, with a residual value of $$2,300.4.$ Compute year $2$ straight$-$line depreciation expense for the shelving and give the journal entry to record it$.$ Complete this question by entering your answers in the tabs below. Req$1$A Req $48$ Compute year $2$ straight$-$line depreciation expense for the shelving Year $2$ straight line depreciation expense

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