I need answer very fast

MSN Company owns an old machine that cost $60,000, has annual depreciation expense of $12,000, and has accumulated depreciation of S30,000 on December 31, 2020 On March 31, 2021, when the machine has a fair value of $24,000, it was exchanged for a similar machine that worth $72,000 and the proper amount of cash is paid The exchange lacks commercial substance Required: Prepare the necessary journal entries on March 31, 2021