value: 2.14 points CP9-1 Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 93] 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 A Machine B Machine C $8,100 $26,600 $.00 Amount paid for asset Installation costs Renovation costs prior to use Repairs after production begarn 800 1,200 450 700 1,300 575 2,500 500 By the end of the first year, each machine had been operating 5,000 hours. Required 1. Compute the cost of each machine. Cost of Machine MachineA S Machine Bs Machine CS 28 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Estimates Depreciation Method Straight-line Machine Life Residual Value S 500 5 years 20,000 hours 6 years 8 400 1,500 Double-declining-balance TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value)