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I've hade this question worng TWICE by Chegg. May we correct it? At the beginning of the year, Young Company bought three used machines from

I've hade this question worng TWICE by Chegg. May we correct it?

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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 Machine A Machine B Machine C Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began $8,450 $%27,300 $11,000 750 1,150 750 450 3,200 570 850 1,600 520 By the end of the first year, each machine had been operating 5,000 hours Required 1. Compute the cost of each machine Machine A Machine B Machine C Cost of Machine $ $ 12, 100 29,750 12,900 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Estimates Machine Depreciation Method Straight-ine Units-of-production Double-declinin Life Residual Value 5 years 30,000 hours ears $ 600 800 1,500 ance TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Transaction General Journal Debit Credit Depreciation Expense 11,426X Accumulated Depreciation-Machine A Accumulated Depreciation-Machine E Accumulated Depreciation-Machine C 2.300 4825 4,301X

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