Saved P8-3 (Algo) 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 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 Machine B $ 9,800. $ 34,400 Machine C $ 15,100 1,800. 3,500 2,800 1,400 700 1,600 By the end of the first year, each machine had been operating 5,000 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 transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Machine Life Residual Value Depreciation Method ARC 5 years $2,100 Straight-line B 72,000 hours 2,600 6 years 2,200 Units-of-production Double-declining-balance