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 $26,500 750 1,650 440 Machine C $8,050 350 2,400 490 Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began $10,200 650 1,150 550 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) Estimates Machine Life 5 years Residual Value Depreciation Method Straight-line Units-of-production Double-declining-balance S 400 200 1,200 20,000 hours 6 years Complete this question by entering your answers in the tabs below Required 1Required 2 Compute the cost of each machine Cost of Machine Machine A Machine B Machine O 1,530 Required 1Required 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 Debit Credit No Transaction General Journal Accumulated Depreciation - Machine A Required! Required 2