A Machine with a fair value of N$$15,200$ was acquired on $31$ July $2020$ for the exchange of a vehicle. The fair value of the vehicle was N$$15,000.$ The vehicle had a cost of N$$32,000$ and accumulated depreciation of N$$18,000$ at the time of the exchange transaction. The fair value of both these assets was clearly evident, as there is an active second$-$hand market for them.

Required

Provide the journal entries for the above transaction.

Journal narrations is required.