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 A $20,700 85e 650 520 Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine B $11,200 1,000 800 2,000 Machine C $10,900 300 700 580 27 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 A B C Estimates Life Residual Value 5 years $1,600 20,000 hours 1,600 10 years 1,600 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 2 > 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 Record entry Clear entry View general journal