Required information P9-3 (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 $ 31,800 $ 30,400 $ 10,450 900 1,400 900 3,600 1,200 2,900 By the end of the first year, each machine had been operating 5,900 hours. P8-3 Part 1 Required: 1. Compute the cost of each machine. Machine A Machine B Machine C Total Cost $ 36,300 $ 38.000 $ 14,250 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 conta Renovation costs prior to use Machine Machine Machine C $ 31,800 5 30,400 $ 10,450 900 1,400 900 3.600 1,200 2,900 By the end of the first year, each machine had been operating 5,900 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.) Machine ESTIMATES Residual Lite Value $1,100 61,000 hours 2,500 3,200 3 years Depreciation Method Straight-line Units-of-production Double-declining-balance 5 years