At the beginning of the year, CCZ Corporation bought three used machines from Pequita Compression Incorporated. The machines immediately were overhauled, installed, and started operating. Because the machines were different from each other, each was recorded separately in the accounts. 29 Machine A $10,000 1,600 600 500 Machine C $22,000 800 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine B $31, 500 2,100 1,400 400 1,600 700 By the end of the first year, each machine had been operating 7,000 hours. 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Estimates Machine Life 4 years 33,000 hours 5 years Residual Value $1,000 2,000 1,400 Depreciation Method Straight-line Units-of-production Double-declining-balance C View transaction list Journal entry worksheet Record the entry for depreciation expense at the end of year 1. Note: Enter debits before credits. Transaction Credit General Journal Accumulated depreciation, machine A Accumulated depreciation, machine B Accumulated depreciation, machine C Depreciation expense Debit 2,800 7,000 9,760 19,560 Record entry Clear entry View general journal