2) Th e ABC Corp. has a machine with a cost of $140,000 and annual depreciation of $28,000. The accumulated depreciation on this machine is $70,000 as of December 31, 2012. On April 1, 2016, when the machine has a fair value of $56,000 it is exchanged for a similar machine with a fair value of $168,000 and the balance of $112,000 is paid in cash. (5 points) Prepare the journal entry necessary at April 1, 2016 for ABC Corp. showing the transaction two ways. 1. As if there was commercial substance and as if there was not commercial substance. Debit Credit With Commercial Substance Without Commercial Substance tho comnosite method and straight-line denreciation for its