Question 2 On January 1, 2021, Burnaby Corporation purchased a machine for $400,000. Management estimated that the machine would be used for 5 years and would then have an $50,000 salvage value. Depreciation was to be charged on a straight-line basis. A full year's depreciation was charged on December, 2021, through to December 31, 2023, and on January 1, 2024, the machine was exchanged for a new machine, market value $230,000, with a cash payment of $110,000 Required: Prepare the journal entries required to record the exchange by Burnaby Corporation on January 1, 2024. Date Particulars Dr. ($) Cr. ($)