ences CP9-1 Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9- 2, LO 9-3] At the beginning of the year, Young Company bought two 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 Machine A $7,600 200 Machine B $25,600 600 Renovation costs prior to use 1,500 1,200 Repairs after production began 400 350 By the end of the first year, each machine had been operating 7,000 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 Estimates Residual Value Life 5 years 40,000 hours $ 600 1,000 Depreciation Method. Straight-line Units-of-production 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 Cost of Machine Required 2 >