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 $ 22,900 1,800 4,400 Machine B $ 33,000 2,000 2,500 Machine C $ 20,900 900 2,600 By the end of the first year, each machine had been operating 5,300 hours. 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.) Machine A ESTIMATES Residual Life Value 7 years $1,100 70,000 hours 2,500 8 years 2,400 Depreciation Method Straight-line Units-of-production Double-declining-balance B Journal entry worksheet 1 Record the depreciation expense for year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry Vlew general journd