Required information 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 Machine C $ 23,400 $ 29,300 $ 18,450 900 2,800 1,600 4,200 1,300 2,900 By the end of the first year, each machine had been operating 5,800 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 Machine A Residual Life Value Depreciation Method 7 years $1,200 Straight-line 61,000 hours 2,900 9 years 2,000 Units-of-production Double-declining-balance View transaction list View journal entry worksheet No 1 Transaction General Journal Debit Credit: Depreciation expense Accumulated depreciation