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 $8,250 Machine B $ 26,900 650 1,350 Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began 250 Machine C $10,600 550 1,750 650 2,800 530 480 By the end of the first year, each machine had been operating 9,000 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 Estimates Life Residual Value 5 years $ 200 50,000 hours 1,000 6 years 2,400 Depreciation Method Straight-line Units-of-production Double-declining-balance oo n 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 View transaction list View journal entry worksheet No Transaction Debit Credit 1 General Journal Depreciation Expense Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C