Current Attempt in ProgressOn March $20,2020,$ Fine Touch Corporation purchased two machines at auction for a combined total cost of $$205,000.$ The machines were listed in the auction catalogue at $$110,000$ for machine X and $$155,000$ for machine Y$.$ Immediately after the auction, Fine Touch had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $$110,860$ on machine X and $$130,140$ on machine Y$.$On March $24,$ Fine Touch paid a total of $$5,000$ in transportation and installation charges for the two machines. No further expenditures were made for machine X$,$ but $$6,800$ was paid on March $29$ for improvements to machine Y$.$ On March $31,2020,$ both machines were ready to be used.The company expects machine X to last five years and to have a residual value of $$3,100$ when it is removed from service, and it expects machine Y to be useful for eight more years and have a residual value of $$14,600$ 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