Question 3 (6 points) McKinley Company purchased and installed a machine at a cost of $120,000, On December 31, 2015 the balance of the Accumulated Depreciation account was $72,000, McKinley Company exchanged the asset on January 5, 2016 for a machine that had a cash price of $52,000. A trade in allowance of $30,000 was given for the old machine and the balance was paid in cash. The fair value of the new machine was $50,000. REQUIRED: In the box below, record the journal entry for the exchange of the machines. Paragraph BIU