Part V (14 points) A machine cost $80,000, has annual depreciation expense of $16,000, and has accumulated depreciation of $40,000 on December 31, 2016. On April 1, 2017, when the machine has a fair value of $32,000, it is traded-in for a new machine with a fair value of $96,000 and the list price was $100,000 and the trade-in value was $36,000. Depreciation is calculated using whole- months. The exchange has commercial substance. Instructions Prepare all entries that are necessary at April 1