Your answer is partially correct. A machine cost $229,000, has annual depreciation expense of $45,800, and has accumulated depreciation of $114,500 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $91,210, it is exchanged for a similar machine with a fair value of $291,900 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Credit Debit Date April 1, 2021 Depreciation Expense 11,450 Accumulated Depreciation-Machinery 11.450 (To record depreciation) April 1, 2021 Machinery 303,740 Accumulated Depreciation-Machinery 125,950 229,000 Machinery 200.690 Cash (To record exchange of machineries)