At the beginning of the year, Grilo 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 conta Henovation conts prior to use Repairs after production began Machine A $10,600 850 650 500 Machine B Machine $ 39,800 523,600 3,700 2.800 3,300 3,800 700 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 yeart, assuming the following: Estinate Machine Renidual Value Depreciation Method 5 years Straight line 20,000 hours Unite-of-production 10 years Double-deelning-balance LLE 02,600 2,200 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Cost of Machine Machine A Machine B Machine C Required 2 > 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 Cost of the asset Machine Machine 510,600 $39,800 523.600 Installation costa 850 3.700 2.800 Renovation costs prior to use 1.200 3,000 Repairs after production bogan 500 700 2,300 650 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 Lite Renidal Value Depreciation Method 5 years $2.600 Straight-line 20,000 hours 2,200 Units-of-production c 10 year 1,400 Double-doeltning 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: (I no entry is required for transaction/event, select No Journal Entry Required in the first account field. Do not round intermediate calculations.) View transaction ist Journal entry worksheet Record the depreciation expense for the three used machines at the end of Year 1. Note: Enter debts before credits Transaction General Journal Dehit Credit 1 Racord entry Clear entry View general Journal