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 A $19,900 1,000 800 Machine B $40, 100 4,800 3,600 1,800 Machine C $23,900 3,100 4,100 2,600 800 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 Life Residual Valve Depreciation Method 5 years $2,900 Straight-line 20,000 hours 2,500 Units-of-production 10 years 1,700 Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Journal entry worksheet 1 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 1 Depreciation Expense Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C Record entry Clear entry View general journal Required 1