Prepare 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. 40.1 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 O for the amounts.)

Date

Mar. 24

Account Titles and Explanation

Debit

Credit

Mar.29

On March 20,2020, FineTouch Corporation purchasod two machines at auction for a combined total cost of 5219,000 , The machines were listed in the asxtion catalogse at $110,000 for madh ine X and 5155,000 for machine Yi Imrivediately after the auction. FineTouch had the machines professionally approised so it could increase its insurance covernge. The aponisal put a fairvalue of 5206650 on machine X and $130,350 on machine Y. imprevements to muchine Y On March 31,2020 , both machines were ready to be used value of $12,760 at that time. Due to the different characteristics of the two machines, different depreciation methods will be ined for them muchine X w wirl be depreciated iairg the doufle diminating balance method and machine Y osing the straight -Sine method. On March 20, 2020, Fine Touch Corporation purchased two machines at auction for a combined total cost of $219,000. The machines were listed is the axuction catalogue at $110,000 for inachine X and S155, 000 for machire Y, Immediately after the auction, Fine Touch had the machines professionally appraised so it could increase its insurance coverage. The appraisal put a fay vatie of S106. machine Xand 5130350 on machine Y. On March 24, Fune Touch paid a total of 54,600 in transpertation and installation charges for the two machinec No further evenditures were made for inabhine x bur 35.000 whe pali on March 29 for improvements to machine Y. On March 31, 2020, both machines were resdy to be used. bolance method and machine Y using the straight-fine method. Prepare the journal entries to record the transportation, installation and improvernent costs for each machine. (Credit occount tites are outomotically indented when the amounf isentered Do not indent manually. Round percentage to 1 decimal ploce, for es. 40.1 and Round answers to the nearest whole dollas, es: 5.275 . N no entryb bequired, select "No Entry' for ihe actount tible and enter Ofor ihe amounte)