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 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. Amount paid for asset Installation costs Renovation costs prior to use Machine Machine Machine C A B $27,500 $27,700 $13, 150 1,700 2,000 1,000 3,700 2,300 2,600 By the end of the first year, each machine had been operating 5,800 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 A ESTIMATES Residual Life Value 7 years $2,100 60,000 2,000 hours B Depreciation Method Straight-line Units-of- production Double- declining- balance 5 years 2,500 View transaction list Journal entry worksheet Record the depreciation expense for year 1. Note: Enter debits before credits. Debit Credit Transaction General Journal 1 Depreciation expense Accumulated depreciation, Machine A Accumulated depreciation, Machine B Accumulated depreciation, Machine C Record entry View general journal