Question 1 of 9 View Policies Current Attempt in Progress -15 1 On May 19, 2020 Sinnott Corporation purchased two pieces of used equipment for $620,000. Sinnott had been trying to acquire both pieces of equipment for some time. The seller had advertised the processing equipment for $360.700 and the packaging equipment for $282,300. Sinnott was able to negotiate a package deal from the seller for boying both pieces, immediately after the purch Sinnott had the equipment appraised so it could increase its insurance coverage. The appraisal indicated that t fair value of the processing equipment was $355.264, while the packaging equipment had a fair value of $279.136 Sinnott paid $22.900 in transportation costs to get both pieces of equipment to the company's manufacturing facility, Sinnott also paid $4.600 for installation charges for the processing equipment and $1.800 in installation charges for the packaging equipment. All of the installation work was completed on May 2, 2000, and Sinnott began to use the equipment life of Sinnott's management expects that the processing equipment will have a and a residual value of $37,744. The packaging equipment is expected to have a useful life of five years and a residual value of $17.076 at that time. Sot use the straight-line method for depreciating its equipment. Prepare the journal entry to record the purchase of the machines, indicating the initial cost of each (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round allocation percentage to O decimal places. ea. 15% and final answers to 0 decimal places, eg 125) Date Account Titles and Explanation May 19 Debit Credit