Required information [The following information applies to the questions displayed below.] Part 2 of 2 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. 1.42 points Invoice price paid for asset Installation costs Renovation costs prior to use Machine A Machine B Machine C $ 20,700 $ 35,800 $ 15,300 1,900 2,200 1,200 4,200 2,600 2,700 By the end of the first year, each machine had been operating 5,400 hours. 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.) Machine ESTIMATES Residual Life Value 7 years $1,600 76,000 hours 2,600 6 years 1,700 Depreciation Method Straight-line Units-of-production Double-declining-balance Answer is complete but not entirely correct. No Transaction General Journal Credit Debit 24,080 Depreciation expense Accumulated depreciation Accumulated depreciation Accumulated depreciation 5,040 X 15,200 3,840 x