By the end of the first year, each machine had been operating 7000 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: Machine Estimates Life Residual Value Depreciation Method 5 years $ 600 Straight-line 40,000 hours 1,000 Units-of-production Answer is not complete. 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 Transaction No 1 Dobit 1 General Journal Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B O Credit 1,740 4,690 (Required 1 Neno By the end of the first year, each machine had been operating 7000 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: Machine Estimates Life Residual Value Depreciation Method 5 years $ 600 Straight-line 40,000 hours 1,000 Units-of-production Answer is not complete. 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 Transaction No 1 Dobit 1 General Journal Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B O Credit 1,740 4,690 (Required 1 Neno