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 Machine Machine B A C $38,500 $37,400 $13,400 1,300 1,200 1,400 3,100 2,500 3,200 By the end of the first year, each machine had been operating 6,100 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 Residual Machine Depreciation Method A Life 9 years Value $1,500 Straight-line 75,000 Units-of- B 3,600 hours production Double-declining- 6 years 2,300 balance View transaction list Journal entry worksheet < 1 Record the depreciation expense for year 1. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry View general journal Clear entry