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 $9.000 Machine B $38,200 2,100 Machine $22.000 1.200 Cost of the asset Installation costs Renovation cost prior to use Repairs after production began 600 By the end of the first year, each machine had been operating 8,000 hours. Required: 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: Machine Tite Estimates Residual Value Depreciation Method 4 years $1,000 Straight-line 30,000 hours 4,500 Unite-of-production 10 years 1,400 Double-declining-balance Required: 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: Machine Estimates Life Residual Value Depreciation Method 4 years $1,000 Straight-line 30,000 hours 4.500 Units-of-production 10 years 1,400 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 View transaction list Journal entry worksheet 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