A machine cost $244,800, has annual depreciation expense of $48,960, and has accumulated depreciation of $122,400 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $98,570, it is exchanged for a similar machine with a fair value of $291,100 and the proper amount of cash is paid. The exchange lacked commercial substance.

Please help me to understand how I would prepare entries that are necessary at April 1, 2018.