intermediate accounting

Question 5 3.5 points Save Answer 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 lacks 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 S Paragraph Arial V 10pt !!! V A v 2 IX i P O WORDS POWERED BY TINY