Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine A $7,850 450 2,000 Machine B $26, 100 350 1,450 400 Machine C $9,800 750 1.750 450 450 By the end of the first year, each machine had been operating 6,000 hours. Required: 1. Compute the cost of each machine. 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Machine Estimates Life Residual value Depreciation Method 5 years $ 600 Straight-line 50,000 hours 400 Units-of-production 6 years 2,100 Double-declining-balance B Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Show less View transaction list View Journal entry worksheet Debit Credit No Transaction 1 1 General Journal Depreciation Expense Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C