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Need help with the wrong answers At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were
Need help with the wrong answers
At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine $10,200 900 700 500 Machine $39,400 3,300 2,900 800 Machine C $23,200 2,400 3,400 1,900 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 Estimates Life Residual Value Depreciation Method 5 years $2,200 Straight-line 20,000 hours 1,800 Units-of-production 10 years 1,700 Double-declining-balance Answer is not complete. 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 Machine C Cost of Machine $ 1,920 $ 17,520 $ 5,800 x Required 2 > Answer is not complete. 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.) General Journal Debit No Transaction Depreciation Expense Depreciation Expense Depreciation Expense Accumulated Depreciation - Machine A Accumulated Depreciation - Machine B Accumulated Depreciation - Machine C Credit 1,920 17,520 5,800 1,920 17,520 5,800 Step by Step Solution
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