A machine cost $1344000, has annual depreciation of $224000, and has accumulated depreciation of $1064000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $308000, it is exchanged for a machine with a fair value of $1512000 and the proper amount of cash is paid. The exchange had commercial substance. The new machine should be recorded at $1372000. $1512000. $1484000. $1204000.