MSN Company owns an old machine that cost $30,000, has annual depreciation expense of $6,000, and has accumulated depreciation of $15,000 on December 31, 2020. On April 30, 2021, when the machine has a fair value of $12,000, it was exchanged for a similar machine that worth $36,000 and the proper amount of cash is paid. The exchange lacks commercial substance Required: Prepare the necessary journal entries on April 30, 2021