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. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine A $ 9,900 1,550 550 450 Machine B $31,100 2,050 1,350 350 Machine C $21,500 750 1,550 650 By the end of the first year, each machine had been operating 6,500 hours. Required: 1-a. Compute the cost of each machine. Machine A B. C Total Total cost 12,000 34,500 23,800 70,300 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 A Residual Value $1,000 2,000 1,400 4 years 32,500 hours 5 years Depreciation Method Straight-line Units-of-production Double-declining-balance B View transaction list Journal entry worksheet A Record the entry for depreciation expense at the end of year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Depreciation expense Accumulated depreciation, machine A Accumulated depreciation, machine B Accumulated depreciation, machine C Record entry Clear entry View general journal