help b,c

P3. A machine cost $240,000, has an annual depreciation expense of $48,000, and has accumulated depreciation of $120,000 on December 31, 2016. On April 1, 2017, when the machine has a fair value of $96,000, it is exchanged for a similar machine with a fair value of $288,000 and the proper amount of cash is paid. The exchange lacked commercial substance. Instructions (a) Prepare a journal entry that is necessary to recognize the depreciation expense in April 2017. April, 2017 New Machine Acc. Dep. Loss (432000-408000) Old Machine Cash Paid 288,000 120,000 24,000 240,000 192,000 (b) Show the calculation of the amount of the gain or loss to be recognized from the disposal of the machine. (c) Prepare an entry that is necessary to record the exchange of the machines on April 1, 2017