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 B Machine C Cost of the asset $10,200 $39,400 $23,200 Installation costs 900 3,300 2,400 Renovation costs prior to use 700 2,900 3,400 Repairs after production began 500 300 1,900 I By the end of the rst year, each machine had been operating 8,000 hours. Required: 1. Compute the cost of each machine. 2. Prepare thejournal entry to record depreciation expense at the end of year 1, assuming the following: Estimates Machine Life Residual Value Depreciation Method A 5 years $ 2 , 200 Straight-line B 20 , 000 hours 1 , 800 Units-of-production C 10 years 1 , 700 Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. MachineA Machine C $ 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.) View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1