! 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. Invoice price paid for asset Installation costs Renovation costs prior to use Machine A Machine B $ 17,700 1,400 3,700 $ 31,300 2,500 2,000 Machine C $ 26,400 1,400 2,700 By the end of the first year, each machine had been operating 6,700 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 Machine Life Residual Value A 5 years $2,800 Straight-line B 67,000 hours C 10 years 2,300 1,700 Units-of-production Depreciation Method Double-declining-balance View transaction list Journal entry worksheet 1 Record the depreciation expense for year 1. < Prev G < 4 of 4 Score.answer > 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 Machine A Life Residual Value Depreciation Method B 5 years 67,000 hours 10 years $2,800 2,300 1,700 Straight-line Units-of-production Double-declining-balance View transaction list Journal entry worksheet 1 Record the depreciation expense for year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Depreciation expense Accumulated depreciation Record entry Clear entry View general journal S < Prev 4 of 4 Score a