At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below.

Cost of the asset $$10,700$

Installation costs $970$

Renovation costs prior to use $1,110$

Repairs after production began $850$

Required:

ANSWER ALL $7$ PARTS: $1.$ Compute the amount to be capitalized for Machine A$.2.$ Compute year $2$ straight$-$line depreciation expense for Machine A$,$ assuming an estimated life of $4$ years and $$1,000$ residual value. $3.$ Prepare the journal entry to record year $2$ straight$-$line depreciation expense for Machine A$,$ assuming an estimated life of $4$ years and $$1,000$ residual value. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)4.$ Compute year $2$ units$-$of$-$production depreciation expense for Machine B$,$ assuming a capitalized cost of $$49,140,$ an estimated life of $30,000$ hours, $$4,500$ residual value, and actual year $2$ use of $8,000$ hours. $($Do not round intermediate calculations.$)5.$ Prepare the journal entry to record year $2$ units$-$of$-$production depreciation expense for Machine B$,$ assuming a capitalized cost of $$49,140,$ an estimated life of $30,000$ hours, $$4,500$ residual value, and actual year $2$ use of $8,000$ hours. $($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)6.$ Compute years $1$ and $2$ double$-$declining$-$balance depreciation expense for Machine C$,$ which has a cost of $$27,100,$ an estimated life of $10$ years, and $$1,400$ residual value. $7.$ Prepare the journal entry to record year $2$ double$-$declining balance depreciation expense for Machine C$,$ which has a cost of $$27,100,$ an estimated life of $10$ years, and $$1,400$ residual value. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$