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 $11,000 1,050 850 900 Machine B $40,200 4,100 3,700 1,100 Machine C Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $24,000 3,200 4,200 2,700 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 Estimates Machine Life 5 years Residual Value $3,000 2,600 1,800 Depreciation Method Straight-line Units-of-production Double-declining-balance 20,000 hours 10 years Complete this question by entering your answers in the tabs below Required 1Required 2 Compute the cost of each machine Cost Machine Machine A Machine B Machine C 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following Estimates Machine Life years 20,000 hours 10 years Residual Value $3,000 2,600 1,800 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 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no en transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calcul View transaction list Journal entry worksheet 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 Record entry Clear entry View general journal