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.

At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines Iimmedlately were overhauled, were Installed, and started operating. Because the machines were different, each was recorded separately In the accounts. Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began $7,800 400 1,900 440 A Machine B $26,000 800 1,400 390 $9,700 700 1,600 425 By the end of the first year, each machine had been operating 7,000 hours. Required: 1 Compute the cost of each machine. 2. Prepare the journal entry to record depreclation expense at the end of year 1, assuming the following: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreclation (not residual value). Estimates Lite Residual Value Depreciation Method 5 years 40,000 hours $ 500 200 1,800 Straight-line Units-of-production Double-declining-balance 6 years Answer is not complete. Complete this question by entering your answers in the tabs below Requirec Required 2 Compute the cost of each machine. ,988 3 Machine A Machine B Machine C