MSN Company owns an old machine that cost $60,000, has annual depreciation expense of $12,000, 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. For the toolbar, press ALT F10 (PC) O ALT+FN+F10(Mac). BI Paragraph IEE 2 Arial 10pt