On March $20,2020,$ FineTouch Corporation purchased two machines at auction for a combined total cost of $$210,000.$ The machines were listed in the auction catalogue at $$110,000$ for machine X and $$155,000$ for machine Y$.$ Immediately after the auction, Fine Touch had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $$107,100$ on machine X and $$130,900$ on machine Y$.$On March $24,$ Fine Touch paid a total of $$4,600$ in transportation and installation charges for the two machines. No further expenditures were made for machine X$,$ but $$6,000$ was paid on March $29$ for improvements to machine Y$.$ On March $31,2020,$ both machines were ready to be used.The company expects machine X to last five years and to have a residual value of $$4,000$ when it is removed from service, and it expects machine Y to be useful for eight more years and have a residual value of $$14,590$ at that time. Due to the different characteristics of the two machines, different depreciation methods will be used for them: machine X will be depreciated using the double$-$diminishing$-$balance method and machine Y using the straight$-$line method.Prepare the journal entry to record the purchase of the machines, indicating the initial cost of each. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round percentage to $1$ decimal place, for eg$.40\mathrm{.}1$ and Round answers to the nearest whole dollar, eg$.5,275.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$Date Account Titles all ExplanationDebitCreditMar. $20$e Textbook and MediaList of AccountsPrepare the journal entries to record the transportation, installation, and improvement costs for each machine. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round percentage to $1$ decimal place, for e g$.40\mathrm{.}1$ and Round answers to the nearest whole dollar, e$.$g$.5,275.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.DateAccount Titles and ExplanationDebitCreditMar. $24$Mar. $29$e Textbook and MediaList of AccountsPrepare the journal entry to record the depreciation expense to December $31,2020,$ for each machine. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg$.5,275.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the arounts.$)$Date Account Titles and ExplanationDebitCreditDec. $31$