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i am so stuck please help. At the beginning of the year, Grillo Industries...

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Accounting

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i am so stuck please help.

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 $9,200 900 700 700 Machine B $38,400 2,300 1,900 800 Machine C $22,200 1,400 2,400 900 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: Machine A B Estimates Life Residual Value Depreciation Method 5 years $1,200 Straight-line 20,000 hours 1,600 Units-of-production 10 years 1,600 Double-declining-balance Journal entry worksheet 1 > Record the depreciation expense for the three used machines at the end of year 1. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 1,920 Depreciation Expense Accumulated Depreciation - Machine A 1,920 Record entry Clear entry View general journal

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