Required information [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 $ 39,300 1,800 3,200 Machine B $ 36,300 2,900 2,800 Machine C $ 19,750 1,900 2,500 By the end of the first year, each machine had been operating 5,900 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.) ESTIMATES Machine A B Imo Life 9 years 76,000 hours 7 years Residual Value $2,900 4,000 2,700 Depreciation Method Straight-line Units-of-production Double-declining-balance Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 4,600 Depreciation expense Accumulated depreciation 4,600 X