Invoice price paid for asset Installation costs Renovation costs prior to use Machine A Machine B Machine C $ 26,400 $ 39,200 $ 9,800 2,000 2,800 1,000 3,600 1,000 2,700 By the end of the first year, each machine had been operating 6,400 hours. 2. Prepare the 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.) Machine B ESTIMATES Residua Life Value 7 years $1,200 79,000 hours 3,500 2,900 Depreciation Method Straight-line Units-of-production Double-declining-balance 5 years View transaction list Journal entry worksheet Record the depreciation expense for year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Depreciation expense Accumulated depreciation