Required information P8-3 (Static) 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 $ 11,000 500 2,500 Machine B $ 30,000 1,000 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 Machine Life Residual Value A 5 years $1,000 Straight-line B 60,000 hours 2,000 C 4 years 1,500 Depreciation Method Units-of-production Double-declining-balance