please solve it quickly please MSN Company owns an old...
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Accounting
please solve it quickly please 
MSN Company owns an old machine that cost $60,000, has annual depreciation expense of S12,000, and has accumulated depreciation of $30,000 on December 31, 2020 On March 31, 2021, when the machine has a fair value of $24,000, it was exchanged for a similar machine that worth $72,000 and the proper amount of cash is paid. The exchange lacks commercial substance Required: Prepare the necessary journal entries on March 31, 2021. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI US Paragraph. 10pt Aral ini 11! C > I. O WORDS POWERED Activate Window
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