At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine AMachine BMachine C Amount paid for asset$20,700 $11,200 $10,900 Installation costs 850 1,000 300 Renovation costs prior to use 650 800 700 Repairs after production began 520 2,000 580 By the end of the first year, each machine had been operating 4,000 hours. Required: Compute the cost of each machine. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: Estimates MachineLifeResidual ValueDepreciation Method A5years$1,600 Straight-line B20,000hours 1,600 Units-of-production C10years 1,600 Double-declining-balance