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 costs prior to use Repairs after production began Machine A $20,500 750 550 320 Machine B $11,eee see 600 1,800 Machine C $10,700 6ee 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 Life Residual value Depreciation Method $1,400 Straight-line 20, eee hours 1,400 Units-of-production 10 years 1,400 Double-declining-balance Machine 5 years B C Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Machine A Machine B Cost of Machine $ 21,800 $ 11,800 $ 12,300 Machine C Required 1 Required 2 > 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: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction Debit Credit 1 1 8,500 General Journal Depreciation Expense Accumulated DepreciationMachine A Accumulated DepreciationMachine B Accumulated DepreciationMachine C 4,040 2,120 2,340