Reference no: EM132757954
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.
Machine A Machine B Machine C
Invoice price paid for asset $32,700 $36,700 $21,150
Installation costs 1,100 2,900 1,500
Renovation costs prior to use 2,800 1,700 2,100
By the end of the first year, each machine had been operating 6,300 hours.
Problem 1: Prepare the entry to record depreciation expense at the end of Year 1
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