At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorpora machines immediately were overhauled, were installed, and started operating. Because the machii 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 $10,400 1,000 800 700 Machine B $39,600 3,500 3,100 1,000 Machine C $23,400 2,600 3,600 2,100 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 followin Machine Estimates Life Residual Value 5 years $2,400 20,000 hours 2,000 10 years 1,900 Depreciation Method Straight-line Units-of-production Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Cost of Machine Machine A Machine B Machine C