You have been asked to account for a plant asset exchange on the books of the King Video Game Company. (Click the icon to view additional information.) Requirement Prepare the journal entry for King to record the exchange as if the exchange had lacked commercial substance. Assume that the King Video Game Company reports under IFRS. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Machinery (New) Accumulated Depreciation-Machinery (Old) Cash Machinery (Old) More info September 1, 2022 33800 562000 On January 1, 2015, King acquired a plastic extruding machine at a cost of $562,000. This machine had an original estimated useful life of 15 years and a scrap value of $22,000. The machine was depreciated using the straight-line method. On September 1, 2022, King exchanged the old machine for a similar asset with a market value of $304,200. King also received cash of $33,800. The estimated fair value of the old machine is $338,000. The old machine was depreciated up to December 31, 2021. Print Done