Bahrain Corporation follows a policy of a 10% depreciation charge per year on machinery. On June 30, 2020, machinery with a cost of $ 120,000 and accumulated depreciation through December 31, 2019, of $ 90,000 was exchanged, along with $ 75,000 cash, for a parcel of land with a fair market value of $ 115,000. Required Prepare the appropriate journal entries for Bahrain Corporation for the above exchange.