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 Machine C $ 25,900 $ 32,400 $ 7,700 500 1,600 1,700 3,000 2,800 2,800 By the end of the first year, each machine had been operating 6,600 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.) Depreciation Method Machine ESTIMATES Residual Life Value 7 years $1,400 67,000 hours 3,300 4 years 3,300 B Straight-line Units-of-production Double-declining-balance Journal entry worksheet