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How do prepare entries that are necessary at April

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Question - A machine cost $244,800, has an annual depreciation expense of $48,960, and has accumulated depreciation of $122,400 on December 31, 2017. On August 1, 2018, when the machine has a fair value of $98,570, it is exchanged for a similar machine with a fair value of $291,100 and the proper amount of cash is paid. The exchange lacked commercial substance.

How do prepare entries that are necessary at April 1, 2018 (to record depreciation and to record exchange of machines)?

Reference no: EM132571895

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