Required information P8-3 (Algo) Computing the Acquisition Cost and Recording Depreciation under Three Alternative Methods LOS-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 Invoice price paid for asset $ 17,000 $ 28,888 $ 24,100 Installation costs 2,200 Renovation costs prior to use 2,600 1,800 900 1,600 1,500 By the end of the first year, each machine had been operating 5,400 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 Depreciation Method Machine Life Value 5 years $2,500 Straight-line 60.ee hours 2,500 Units-of-production C 10 years 2,900 Double-declining-balance B View transaction list Required information View transaction list Journal entry worksheet