[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 $ 11,000 $ 30,000 500 1,000 2.500 1.000 Machine C $ 8.000 500 1,500 By the end of the first year, each machine had been operating 4,800 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 a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Residual Machine Depreciation Method 5 years Straight-line 60,000 hours Units-of-production 4 years 1.500 Double-declining-balance Life Value $1,000 2.000 c View transaction list Journal entry worksheet Record the depreciation expense for year 1. Note: Enter debits before credits Credit Transaction 1 General Journal Depreciation expense Accumulated depreciation Debit 7.500 7,500