At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc. The machines immediately were overhauled, were installed, and started operating Because the machines were different, cach was recorded separately in the accounts. Machine A Machine B Machine C Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began 20,500 $11,000 $10,700 600 1,000 880 750 550 320 800 600 1,800 3 By the end of the first year, each machine had been operating 4,000 hours. 1. Compute the cost of each machine. Machine A Machine B Machine C the following in the first 2. Prepare the journal entry to record depreciation expense at the end of year 1 (If no entry is required for a transactionievent, select "No Journal Entry account field. Do not round intermediate calculations.) Machine Life Residual Value Depreciation Method 5 yoars 20,000 hours 10 years $ 1,400 1.400 1.400 View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1 assuming each machine has its own accumulated depreciation Note: Enter debits before credits. Debit