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 Machine B Machine C $10,700 $39,900 $23,700 900 3,800 2,900 700 3,400 3,900 600 800 2,400 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 Residual Machine Life Value 5 years $2,700 B 20,000 hours 2,300 10 years 1,500 Depreciation Method Straight-line Units-of-production Double-declining- balance Complete this question by entering your answers in the tabs below. Required Required 1 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.) Show less Debit Credit View transaction list View journal entry worksheet No Transaction General Journal 1 1 Depreciation Expense Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C