P8-3 (Algo) Computing the Acquisition Cost and Recording Depreciation under Three Alternative Methods LO8-2, 8-3 [The following information applies to the questions displayed below.) At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Brunswick Corporation. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Invoice price paid for asset Installation costs Renovation costs prior to use Machine A Machine B Machine C $ 31,800 $ 39,900 $ 14, 200 600 1,700 1,100 3,500 1,800 2,400 By the end of the first year, each machine had been operating 6,800 hours. P8-3 Part 2 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 A B ESTIMATES Residual Life Value 10 years $2,900 80,000 hours 3,400 6 years 2,400 Depreciation Method Straight-line Units-of-production Double-declining-balance