At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled,

At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled,

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At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled,
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At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled, installed and started working. Since the machines were different, each was recorded in separate accounts.

machine aMachine BMachine CThe amount paid for the asset$7,600
$25,600
$9,300
Installation costs
200

600

500
Pre-use renewal costs
1,500

1,200

1,000
Repairs after production starts
400

350

325

At the end of the first year, each machine was running 7,000 hours.
Necessary:

Calculate the cost of each machine.Prepare the journal entry to post depreciation expense at the end of year 1, assuming the following:

predictions
machineHayatResidual ValueDepreciation MethodA5 years
$600
RightB40,000 seconds

1.000
production unitsC6 years

2.000
Double declining balance

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