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. Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine A $7,750 350 1,800 430 Machine B $25,900 750 1,350 380 Machine C $9,600 650 1,450 400 By the end of the first year, each machine had been operating 4,000 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). Machine B Estimates Life Residual Value 5 years $ 400 30,eee hours 1,000 6 years 1,500 Depreciation Method Straight-line Units-of-production Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Cost of 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: T formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Machine A Estimates Life Residual Value 5 years $ 400 30, eee hours 1,000 6 years 1,500 Depreciation Method Straight-line Units-of-production Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Cost of Machine Machine A Machine B Machine C (Required 1 Required 2 >