value: 10.00 points CP9-1 Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine C Machine A Machine B Amount paid for asset Installation costs Renovation costs prior to use Repairs after production began $8,500 S27,400 $11,100 500 1,300 775 200 3,300 580 600 1,600 530 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 Machine A Machine B Machine C 2. Prepare the jounal entry to record depreciation expense a year 1, assuming the following: the end of Do not round intermediate calculations. If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) Machine Life Residual Value S 400 1,000 Depreciation Method Straight-line 5 years 40,000 hours Double-declining- balance 6 years 1,800 TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). 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. Credit Debit Record entry Clear entry View general journal