Used machines from freeman incorporated

Reference no: EM131123061

At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, installed, and started operating. Because the machines were different, each was recorded separately in the accounts.

	Machine A		Machine B		Machine C
Cost of the asset	$	10,400	$	39,600	$	23,400
Installation costs		1,000		3,500		2,600
Renovation costs prior to use		800		3,100		3,600
Repairs after production began		700		1,000		2,100

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:(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Reference no: EM131123061

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