2. Make all journal entries necessary to record the sale of the machine on July 1,2023. On December 31, 2023, Layne Co. exchanges another machine for a similar machine with a fair value of $450,000. Layne's old machine had an original cost of $750,000 and accumulated depreciation of $280,000, including the depreciation for 2023 . Layne also received $50,000 in cash as part of the exchange. This exchange has no commercial substance. Required: 3. Calculate the amount of gain or loss to be recognized by Layne Co. from the exchange. 4. Prepare the journal entry to record the exchange of this machine on December 29,2022