K9e 0 Saved 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. Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine A $8,600 300 3,500 600 Machine B $27,600 700 1,700 550 Machine C $11,380 600 1,600 825 By the end of the first year, each machine had been operating 5,000 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: TIP: Remember that the formula for double-declining balance uses cost minus accumulated depreciation (not residual value) Estimates Lire Residual Value Depreciation Method 5 years $ 600 Straight-line 20,000 hours 400 Units-of-production 6 years 2.400 Double-decuning-balance Machine B c Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Coot of Machine Machine A Machino B Machine C Required 2 > Machine A B Estimates Life Residual Value Depreciation Method 5 years $ 600 Straight-line 20,000 hours 400 Units-of-production 6 years 2,400 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: TIP: Rer Formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). (If no entr ansaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calcul View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits Transaction General Journal Dobit Credit 1 +