! Required Information [The following information applies to the questions displayed below] At the beginning of the year, Starr Systems bought a shed, a machine, and a trailer. The shed Initially cost $19,800 but had to be renovated at a cost of $440. The shed was expected to last 7 years, with a residual value of $1,200 Repairs costing $260 were incurred at the end of the first year of use The machine cost $11,000, and is estimated to have a total life of 40,000 hours and residual value of $900. The machine was actually used 2.000 hours in year 1 and 4,000 hours in year 2 The traller cost $10.800 and was expected to last 4 years, with a residual value of $2,000. 2. Compute year 2 straight-line depreciation expense for the shed and prepare the journal entry to record it. If no entry is require a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet A Record the year 2 straight-line depreciation expense for the shed. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal