value: 10.00 points At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine A Machine B Machine C $10,100 $39,300 $23,100 850 3,200 2,300 650 2,800 3,300 800 700 1,800 By the end of the first year, each machine had been operating 8,000 hours. Required: 1. Compute the cost of each machine. Cost of Machine 2. Prepare the journal 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. Do not round intermediate calculations.) Machine Estimates Life Residual Value 5 years 20,000 hours 1,700 10 years 1,600 Depreciation Method Straight-line Units-of-production Double-declining-balance View transaction list Journal entry worksheet Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal