At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. 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 CAmount paid for asset $ 11,000 $ 30,000 $ 8,000Installation costs 500 1,000 500Renovation costs prior to use 2,500 1,000 1,500By the end of the first year, each machine had been operating 4,800 hours. Required:1. Compute the cost of each machine.2. Prepare one 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.)