4 (6 marks) Summer Industrial purchased and installed a machine at a cost of $200,000. On December 31, 2021 the balance of the Accumulated Depreciation account was $70,000. Summer Industrial exchanged the asset on January 2, 2022 for a machine that had a cash price of $120,000. A trade in allowance of $90,000 was given for the old machine and the balance was paid in cash. The fair value of the new machine is $118,000. REQUIRED: Record the journal entry for the exchange of the machines