Check my work At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines immediately were overhauled, were installed, accounts. and started operating. Because the machines were different, each was recorded separately in the Machine A Machine B Machine c Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began $7,600 200 1,500 400 $25,600 600 1,200 350 $9,300 500 1,000 325 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: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Estimates Life Residual Value Depreciation Method 5 years 40,000 hours 6 years $ 600 1,000 2,000 Straight-line Units-of-production Double-declining-balance Complete this question by entering your answers in the tabs below