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 $10,000 $39,200 $23,000 3,100 2,200 3,200 1,700 800 600 700 2,700 600 By the end of the first year, each machine had been operating 8,000 hours. Required: 1. Compute the cost of each machine. Machine 2. Prepare the jounal entry to record depreciation expense at the end of year 1, assurming the following: Of no entry ls required for a transaction/event, select "No Journal Entry Requlred" in the first account field. Do not round Intermediate calculations.) Residual Value Depreciation Me thod 5 years 20,000 hours 10 years $2,000 1,600 1,500 Straight-line Units-of-production Double-declining-balance 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