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At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated....

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Accounting

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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. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began Machine A $9,700 900 700 800 Machine $38,900 2.800 2.400 Machine c $22,700 1,900 2,900 1,400 800 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 Residual Value Depreciation Method 5 years $1,700 Straight-line 20,000 hours 1.300 Unite-ot-production 10 years 2,100 Double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost of each machine. Machine Machine Machine comida

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