Question 4 View Policies Current Attempt in Progress A machine cost $232,600, has annual depreciation expense of $46,520, and has accumulated depreciation of $116,300 on December 31, 2017 On April 1, 2018, when the machine has a fair value of $91.260, it is exchanged for a similar machine with a fair value of $293.600 and the proper amount of cash is paid. The exchange lacked commercial substance Prepare all entries that are necessary at April 1. 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Debit Credit Date Account Titles and Explanation April 1. 2018 Machinery Accumulated Depreciation Machinery 116,300 (To record depreciation) April 1. 2018 Loss on Disposal of Machinery Machinery 232.600 Cash (To record exchange of machineries)