Which of the following statements about the conceptual framework is correct? OA. It is based on individual concepts developed by each member of the standard-selling body 8. It assumes that users need to be experts in business and financial accounting to understand the information in financial statements OC. All answers are correct OD. It enables the IASB to quickly solve new and emerging practical problems by referencing basic theory A machine cost $80,000 and has accumulated depreciation of S44,000 on December 31, 2014. At that time, the machine had a fair value of $32,000 and has been exchanged for a similar machine with a fair value of $96,000 and the proper amount of cash is paid The exchange lacked commercial substance Requirement: Prepare the necessary journal entry to record the above exchange