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 $10,600 850 650 500 Machine B $39,800 3,700 3,300 700 Machine C $23,600 2,800 3,800 2,300 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 B Estimates Life Residual Value Depreciation Method $2,600 Straight-line 20,000 hours 2,200 Units-of-production 10 years 1,400 Double-declining-balance 5 years Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. 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 B $39,800 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine A $10,600 850 650 500 3,700 Machine C $23,600 2,800 3,800 2,300 3,300 700 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 B Estimates Life Residual Value Depreciation Method 5 years $2,600 Straight-line 20,000 hours 2,200 Units-of-production 10 years 1,400 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 entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)