Question 2 of 2 20 E On March 20.2020 F Touth Corporation purchased two machines at auction for a combined total cost of $212.000. The machines were sted in the auction catalogue at $110,000 for machine X and $155.000 for machine Yimmediately after the auction Fine Touch had the machines professionally appraised so it could increase its Insurance coverage. The ora putatul value of $111.320 on machine X and $130,600 on machine 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 Xbut $6.200 was paid on March 29 for improvements to machine Y. on March 31, 2000 both machines were ready to be used The company expects machine X to last five years and to have a residual value of $4.200 when it is removed from service and it expects machine Y to be useful for eight more years and have a residual value of $14.900 at that time. Due to the different characteristics of the two machines, different depreciation methods will be used for them machine 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 account tities are automatically indented when the amount is entered. Do not indent manually Round percentage to 1 decimal place, for es 40.1 and Round answers to the nearest whole dollars. 5.275. If no entry is required, select "No Entry for the account titles and enter for the amounts: Date Account Titles and Explanation Debit Credit Mar. 20 e Textbook and Media List of Accounts Out of Credit Debit Date Account Titles and Explanation e Textbook and Media List of Accounts 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 dollars. 5.275. In entry quind select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec 31 eTextbook and Media List of Accounts