Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine A $9,400 1,000 800 500 Machine B $38,600 2,500 2,100 1,000 Machine C $22,400 1,600 2,600 1,100 By the end of the first year, each machine had been operating 8.000 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: Machine A B Estimates Life Residual Value 5 years $1,400 20,000 hours 1,000 10 years 1,800 Depreciation Method Straight-line Units-of-production Double-declining-balance 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: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list View Journal entry worksheet Transaction No 1 Debit Credit 1 General Journal Depreciation Expense Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C