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.)

	Estimates
Machine	Life	Residual Value				Depreciation Method
A	5 years		$	600		Straight-line
B	40,000 hours			1,000		Units-of-production
C	6 years			2,000		Double-declining-balance

TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value).

• Record the depreciation expense for the three used machines at the end of year 1 assuming each machine will have its own accumulated depreciation account.