! 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 Installation costs Renovation costs prior to use $ 28,900 $ 34,800 $ 22,200 1,000 4,100 2,400 1,500 1,800 2,100 By the end of the first year, each machine had been operating 5,000 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 Depreciation Method A 7 years $2,500 Straight-line 73,000 hours 2,200 Units-of-production 9 years 2,500 Double-declining-balance