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
Amount paid for asset	$	7,600		$	25,600		$	9,300
Installation costs		200			600			500
Renovation costs prior to use		1,500			1,200			1,000
Repairs after production began		400			350			325

By the end of the first year, each machine had been operating 7,000 hours.

Required:

Compute the cost of each machine.

Prepare the journal 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. Do not round intermediate calculations.)

	Estimates
Machine	Life	Residual Value				Depreciation Method
A	5 years		$	600		Straight-line
B	40,000 hours			1,000		Units-of-production
C	6 years			2,000		Double-declining-balance