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, each was recorded separately in the accounts. Amount paid for asset Installation costs Renovation coste prior to use Repairs after production began Machine A $20,500 750 550 320 Machines $11,000 800 600 1,800 Machine $10,700 600 1.000 880 By the end of the first year, each machine had been operating 4.000 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 Lite Residual Value Depreciation Method 5 years $1,400 Straight-line 1 20,000 hours 1,400 Units-of-production 10 years 1,400 Double-declining-balance Machine c Complete this question by entering your answers in the tabs below. Required 1 Required 2 Machine B Estimates Life Residual Value 5 years $1,400 20,000 hours 1,400 1,400 Depreciation Method Straight-line Units-of-production Double-declining-balance 10 years 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 Racale 1 Required 2 > 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 account. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal