A machine cost $160,000, has annual depreciation expense of $32,000, and has accumulated depreciation of $80,000 on December 31, 2014. On April 1, 2015, when the machine has a fair value of $64,000, it is exchanged for a similar machine with a fair value of $192,000 and the proper amount of cash is paid. The exchange lacked commercial substance.

Instructions Prepare all entries that are necessary at April 1, 2015.

(I want the answer hand written)