Required i Required 2 Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round inter calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1 Note: Enter debits before credits. Transaction General Journal Debit Credit . . At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine A $19,600 329 Anount paid for asset Installation costs Renovation costs prior to use Repairs after production began Machine B $10,100 500 300 900 Machine C $9,800 208 600 100 220 480 By the end of the first year, each machine had been operating 4,000 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 7 years $1,100 40,000 hours 4 years 2,000 Depreciation Method Straight-Line Units-of-production Double-declining-balance 900 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: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)