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 Machine BMachine C $38,300 2,200 1,800 700 $9,100 850 650 600 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $22,100 1,300 2,300 800 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 Estimates Machine A. Life Residual Value Depreciation Method $1,100 2, 300 1,500 5 years 20,000 hours 10 years Straight-line Units-of-production Double-declining-balance Required 1Required 2 Compute the cost of each machine. Cost of Machine Machine A Machine B Machine C Required 1 Required 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. Do not round intermediate calculations.) Debit Credit No Transaction General Journal 26,100 3 Depreciation Expense 1,940 3 18,000 6,160 Accumulated Depreciation Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C