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 Installation costs Renovation costs prior to use Repairs after production began $10,300 950 750 600 $39,500 3,400 3,000 900 $23,300 2,500 3,500 2,000 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 Machine Life Residual Value Depreciation Method 5 years 20,000 hours 10 years $2,300 1,900 1,800 Straight-line Units-of-production Double-declining-balance Complete this question by entering your answers in the tabs below Required1 Required 2 Compute the cost of each machine Cost of Machine Machine A Machine B Machine C