Required information P8-3 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 Advantage, Inc. 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 S 17,000 1,100 3,800 Machine C $ 23,500 700 2,800 $ 37,200 1,900 2,800 Amount paid for asset Installation costs Renovation costs prior to use By the end of the first year, each machine had been operating 5,100 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 Depreciation Method Value Life Machine Straight-line $2,700 6 years 78,000 A Units-of-production 2,900 hours Double-declining-balance 1,500 10 years Journal entry worksheet