Exercise 1-Nonmonetary exchange. (8 points) Forest Metals has a machine with a cost of $600,000. The machine has annual depreciation expense of $120,000, and has accumulated depreciation of $240,000 on December 31, 2018. On April 1, 2019, Forest Metal's machine has a fair value of $190,000. The machine is exchanged for a similar machine with a fair value of $260,000. Forest Metals also paid $70,000 in cash. The exchange lacked commercial substance. Instructions Prepare the journal entries that are necessary for Forest Metals at April 1, 2019. Please remember to update the Accumulated Depreciation to April 1, 2019