At the beginning of the year, Grillo industries bought three used machines trom Freeman Incorporated. I he 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 $38,600 2,500 2,100 1,000 $9,400 1,000 800 500 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $22,400 1,600 2,600 1,100 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 $1,400 1,000 1,800 Straight-line Units-of-production Double-declining-balance 5 years 20,000 hours 10 years Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required 1Required 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1Required 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.) Credit General Journal No Transaction Debit 22,787 Depreciation Expense 1,960 18,347 2,480 Accumulated Depreciation MachineA Accumulated Depreciation Machine B Accumulated Depreciation - Machine C