Business, 14.04.2020 23:40 michelize1999

At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts.

Machine A Machine B Machine C
Amount paid for asset $8,450 $27,300 $11,000
Installation costs 450 850 750
Renovation costs prior to use 3,200 1,600 1,150
Repairs after production began 570 520 750

By the end of the first year, each machine had been operating 5,000 hours.

The cost of each machine is as follows:

Cost of Machine
Machine A $12,100
Machine B $29,750
Machine C $12,900
Required:

Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following:

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At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines...

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