At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine A $ 10,500 800 600 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began points Machine B $39,700 3,600 3,200 600 Machine C $23,500 2,700 3,700 2,200 800 eBook By the end of the first year, each machine had been operating 8,000 hours. Required: Print 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: References Machine Estimates Life Residual Value Depreciation Method 5 years $2,500 Straight-line 20,000 hours 2,100 Units-of-production 10 years 2,000 Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Cost of Machine Machine A Machine B Machine C Complete this question by entering your answers in the tabs below. Required 1 Required 2 points 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. Do not round intermediate calculations.) eBook View transaction list Journal entry worksheet Print References Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Mc Graw Drew 1 of 3 Next S