MSN Company owns an old machine that cost $60,000, has annual depreciation expense of $12,000, and has accumulated deprecintion 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+F10IP) or ALT-FN-F10(Mac) B Paragraph Aril 10pt 1!! 11 A T. 1 6 X X O A Q - Te - | 9 +] 11 ED GB BE ( OWDED POWERLINY