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. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine $10.500 BOO 600 800 Machine D $39,700 3.600 3,200 600 Machine e $23,500 2.700 3.700 2,200 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 Life Residual Value Depreciation Method 5 years $2,500 Straight-line B 20,000 hours 2,100 Units-of-production 10 years 2,000 Double-declining-balance Compute the cost of each machine. cost of Machine Machine A Machine B Machine C 1 Required 1 Required 2 25 po Prepare the journal entry to record depreciation expert at the end of year in the transaction/event, select "No Journal Entry Required in the fuscounted Det look 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 Credi Record entry Clear entry View general journal