Chapter 9 Homework 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. 10 points Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine A Machine B Machine c $10,100 600 1,000 525 $ 8,000 300 2,300 480 $26,400 700 1,600 430 Print Rederences By the end of the first year, each machine had been operating 3,000 hours Required: 1. Compute the cost of each machine. 2. Prepare the journal entry to record depreciation expense at the end of year1, assuming the following: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value Estinates Life Residual Value Depreciation Hethod years 10,000 hours 6 years $ 300 1,000 900 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. Prev 1 of 10 Next Chapter 9 Homework Saved 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 t formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Estimates 10 points Life Residual Value Depreciation Method 5 years 10,000 hours 6 years $ 300 1,000 900 Straight-line Units-of-production Double-declining-balance eBook Print References Complete this question by entering your answers in the tabs below Required 1 Required 2 Compute the cost of each machine. Machine A Machine B Machine C Required 1 Required 2> Prey 1 of 10111 Next > Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remember that 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.) 10 points View transaction list eBook Print References Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits. General Journal Debit Record entry Clear entry View general journal Prey 1 of 1011 Next >