At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Amount paid for asset Installation costs Renovation costs prior to use Machine A $ 25,500 700 4.500 Machine B S 34,900 2,500 2,600 By the end of the first year, each machine had been operating 6,300 hours. Machine C $ 12,000 1,400 2,600 P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Machine A C Life years 73,000 hours 5 years View transaction list < Journal entry worksheet 1 Residual Value $2.700 3.500 2 800 Record the depreciation expense for year 1.. Note: Enter debits before credits. Transaction 1 Depreciation Method Straight-line Units-of-production Double-declining-balance Record entry General Journal Clear entry Debit Credit View general journal