prepare the necessary journal entries on March 31, 2021.

25 points MSN Company owns an old machine that cost 500,000 has annus 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, 3021 For the bar, SALT 10 or ALT-FN-F ME B TV5 Paragraph Art 100 T. 111 IT