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 Machine B Machine C $8,100 $26,600 $10,300 400 800 700 2.500 1,200 1,300 500 450 575 By the end of the first year, each machine had been operating 5,000 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 Residual Machine Life Value 5 years $ 500 B 20,000 hours 400 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 Required Compute the cost of each machine. Cost of Machine Machine A Machine B Machine C Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 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 Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry