P8-3 Part 1 Required: 1. Compute the cost of each machine. Machine A Machine B Total Cost $ 30,800 $ 41,500 $ 23,400 Machine C Required information 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. Machine A Machine B Machine C Invoice price paid for asset $ 26,300 $ 37,800 $ 18,700 Installation costs 1,100 1,600 1,600 Renovation costs prior to use 3,400 2,100 3,100 By the end of the first year, each machine had been operating 5,800 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.) ESTIMATES Residual Machine Value Depreciation Method 9 years $1,100 Straight-line 77,000 hours 3,000 Units-of-production 9 years 2,900 Double-declining-balance Life A B