At the beginning of the year, Young Company bought three used machines from Vince, 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 Machine B Machine c 11,100 500 Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began $8,500 200 3,300 580 $27,400 600 1,600 530 1,300 775 By the end of the first year, each machine had been operating 8,000 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: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Estimates Machine Life Residual Value Depreciation Method 5 years 40,000 hours 6 years $ 400 1,000 1,800 Straight-line Units-of-production Double-declining-balance 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: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Show less A Required 1Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remembert for double-declining-balance uses cost minus accumulated depreciation (not residual value). (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit epreciation Expense Accumulated Depreciation Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C