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 A $ 17,500 2,000 2,500 Machine B $ 37,200 2,100 2,800 Machine C $ 16,900 1,300 2,100 By the end of the first year, each machine had been operating 5,300 hours. 1. Compute the cost of each machine. Total Cost Machine A Machine B Machine C 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 5 years $2,000 77,000 hours 3,600 7 years 3,300 Depreciation Method Straight-line Units-of-production Double-declining-balance B Journal entry worksheet 1 Record the depreciation expense for year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal