On March $20,2024,$ Cullumber Corporation purchased two machines at auction for a combined total cost of $$241,000.$ The machines were listed in the auction catalogue at $$110,000$ for machine X and $$155,000$ for machine Y$.$ Immediately after the auction, Cullumber had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $$109,074$ on machine X and $$185,000$ on machine Y$.$

On March $24,$ Cullumber paid a total of $$5,000$ in transportation and installation charges for the two machines. No further expenditures were made for machine X$,$ but $$7,400$ was paid on March $29$ for improvements to machine Y$.$ On March $31,2024,$ both machines were ready to be used.

The company expects machine X to last five years and to have a residual value of $$3,700$ when it is removed from service, and it expects machine Y to be useful for eight more years and have a residual value of $$15,440$ 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.

$($a$)$

Prepare the journal entry to record the purchase of the machines, indicating the initial cost of each.