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 $ 24,000 1. 100 3, 200 Machine B $ 36,000 2, 400 1,500 Machine C $ 20,850 1,000 2,300 By the end of the first year, each machine had been operating 6,300 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.) Machine A B C ESTIMATES Life Residual Value 8 years $2,700 74, 000 hours 2,900 7 years 1,500 Depreciation Method Straight-line Units of production Double-declining-balance X Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 10,703 3,200 Depreciation expense Accumulated depreciation Accumulated depreciation Accumulated depreciation 4,267 3,236 X