MSN Company owns an old machine that cost $60,000 has annual depreciation expense of $12000, and has accumulated depreciation of $30.000 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