At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Brunswick Corporation. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Machine A Machine B Machine CInvoice price paid for asset $ 32,300 $ 32,300 $ 23,400Installation costs 2,300 2,400 1,100Renovation costs prior to use 4,000 1,000 1,900By the end of the first year, each machine had been operating 6,500 hours.2. Prepare the 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.)ESTIMATESMachine Life Residual Value Depreciation MethodA 9 years $1,700 Straight-lineB 64,000 hours 3,700 Units-of-productionC 8 years 1,500 Double-declining-balance