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 Hepairs after production begon Machine A $10,000 800 600 700 Machine B $39,200 3,180 2,700 600 Machine C $23,000 2,200 3,200 1,700 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: Machine A Estimates Life Residual Value 5 years $2,000 28,000 hours 1,600 10 years 1,500 Depreciation Method Straight-line Units of production Double-declining-balance Cost of Machine Machine A $ Machine B $ 11,400 45,000 28,400 Machine C $ 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