PA9-1 Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9. 2, LO 9-3] 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 Coat of the onset Installation costo Renovation cont prior to Repairs after production began Machine $9,100 850 650 600 Machine $38,300 2,200 1.000 700 Machine $22,100 1,300 2,300 000 By the end of the first year, each machine had been operating 8,000 hours, Required: 1. Compute the cost of each machine, 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: Estimates Machine Life Mesidual Value Depreciation Method 5 years $1,100 Straight-line 20,000 hours 2,300 Units-of-production 10 years 1,500 Double-declining-balance B c Required 1 Required 2 Compute the cost of each mach Cost of Machine Machine A Machine B Machine C Journal entry worksheet 1 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