10 Nov At the beginning of the year, Grillo Industries bo
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.)
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