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A machine cost $240,000, has annual depreciation expense of $48,000, and has accumulated depreciation of...

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Accounting

A machine cost $240,000, has annual depreciation expense of $48,000, and has accumulated depreciation of $120,000 on December 31, 2014. On April 1, 2015, when the machine has a fair value of $96,000, it is exchanged for a similar machine with a fair value of $288,000 and the proper amount of cash is paid. The exchange lacked commercial substance.

Prepare all entries that are necessary at April 1, 2015

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