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quickly please i have only 45 minutes MSN Company owns an...

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Accounting

quickly please i have only 45 minutes
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MSN Company owns an old machine that cost $30,000, has annual depreciation expense of $6,000, and has accumulated depreciation of $15,000 on December 31, 2020. On April 30, 2021, when the machine has a fair value of $12,000, it was exchanged for a similar machine that worth $36,000 and the proper amount of cash is paid The exchange tacks commercial substance Required: Prepare the necessary journal entries on April 30, 2021 For the toolbar, press ALT+F10(PC) or ALT+FN+F10 (Mac) B I U 5 Paragraph Arial 10pt A2I XO da IE X X & 8 The 1T 19 FA CE | (:) -- T+ + > RA

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