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 aches recorded separately in the accounts Machine AMC Cost of the asset $9,000 327.50 521, Installation costs 1.500 2,000 700 Renovation costs prior to use 1,300 1,500 Repairs after production began By the end of the first year each machine had been operating 6000 hours Required: 1-a. Compute the cost of each machine Machine E A Tool Total cost 1-b. Which of the following should be capitakred? (Select all that apply Renovation costs Prev 32 35 Next > 715 PM Help 1-b. Which of the following should be capitalized? (Select all that apply) DO Renovation costs Installation costs Purchase costs Repair cost Depreciation costs 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 Residual Value $1,000 A 4 years 32,000 hours 5 years Depreciation Method Straight line Units-of-production Double-declining-balance 2,000 1,200 C A Record the entry for depreciation expense at the end of year 1. > Credit Note : - Journal entry has been entered View general journal Record entry Clear entry