PA9-1 Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods (LO 9 2, LO 9-3] 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. eBook Machine $10,700 900 Machine B $ 39,900 19.900 3.800 3.400 800 Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine C $23,700 2.900 3,900 2.400 Print eferences 600 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 Residual Value Depreciation Method 5 years $2,700 Straight-line 20,000 hours 2.300 Units-of-production 10 years 1,500 Double-deolining balance Complete this question by entering your answers in the tabs below. You received no credit for this question in the previous attempt. 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 $2,700 Straight-line 20,000 hours 2,300 Units-of-production 10 years 1,500 Double-declining-balance points Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Compute the cost of each machine. Cost of Machine Machine A Machine C Required 2 >