Prepare 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, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Prepare 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, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

On Manch 20, 2020, Fine Touch Corporation purchased two machines at auction for a combined total cost of 5219,000 . The machines were listed in the aviction catalogoe at 5110,000 for machine X and $155,000 for machine X, inmediately after the action, FineTouch had the machines professianally appraised so it could increase its insurance coverage. The appraisal put a farrvate of $206x50 en machine X and $130,350 on michine Y. imgrovernents to machine Y, On March 31,2020 both machines were resdy to be used. thalen methed and nachise Y usins the straight-fine method