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 $ 15,200 $ 35, 700 $ 13,900 1,100 2,400 1,600 3,400 2,300 1,600 By the end of the first year, each machine had been operating 6,000 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 Residual Machine Life Value Depreciation Method 5 years $1,200 Straight-line 73,000 hours 3,900 Units-of-production 6 years 3,000 Double-declining-balance A B C View transaction list 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 Record entry Clear entry View general Journal