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. Machine $ 20,600 800 Machine B $11,100 Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine C $10,800 200 600 480 900 700 1.900 600 420 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: Machine Estimates Life Residual Value 5 years $1,500 20,000 hours 1,500 10 years 1,500 Depreciation Method Straight-line Units-of-production Double-declining-balance 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 1 Required 2 >