n March $20,2020,$ Fine Touch Corporation purchased two machines at auction for a combined total cost of $\backslash (\backslash$$ $222,000\backslash ).$ The machines vere listed in the auction catalogue at $\backslash (\backslash$$ $110,000\backslash )$ for machine $\backslash ($ X $\backslash )$ and $\backslash (\backslash$$ $155,000\backslash )$ for machine $\backslash ($ Y $\backslash ),$ Immediately after the auction, Fine Touch ad the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fair value of $\backslash (\backslash$$ $111,320\backslash )$ on nachine $\backslash ($ X $\backslash )$ and $\backslash (\backslash$$ $130,680\backslash )$ on machine $\backslash ($ Y $\backslash ).$ On March $24.$ Fine Touch paid a total of $\backslash (\backslash$$ $5,000\backslash )$ in transportation and installation charges for the two machines. No further expenditures were made for machine X$,$ but $\backslash (\backslash$$ $5,200\backslash )$ was paid on March $29$ for improvements to machine Y$.$ On March $31,2020,$ both machines were ready to be used. The company expects machine $\backslash ($ X $\backslash )$ to last five years and to have a residual value of $\backslash (\backslash$$ $3,200\backslash )$ when it is removed from service, and it expects machine $\backslash ($ Y $\backslash )$ to be useful for eight more years and have a residual value of $\backslash (\backslash$$ $13,540\backslash )$ at that time. Due to the different characteristics of the two machines, different depreciation methods will be used for them: machine $\backslash ($ X $\backslash )$ will be depreciated using the double$-$diminishing$-$balance method and machine Yusing the straight$-$line method. Prepare the journal entry to record the purchase of the machines, indicating the initial cost of each. $($Credit occount titles are automatically indented when the amount is entered, Do not indent manualis. Round percentage to $1$ decimal place, for egs. $\backslash (40\mathrm{.}1\backslash )$ 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 of for the amounts.$)$