Rogers Co. had a sheet metal cutter that cost $240,000 on January 1, 2013. This old cutter had an estimated life of ten years and a salvage value of $40,000. On April 1, 2018, the old cutter is...

Rogers Co. had a sheet metal cutter that cost $240,000 on January 1, 2013. This old cutter had an estimated life of ten years and a salvage value of $40,000. On April 1, 2018, the old cutter is exchanged for a new cutter with a fair value of $120,000. Rogers also received $30,000 cash. Assume that the last fiscal period ended on December 31, 2017, and that straight-line depreciation is used.

Instruction: Record any entries required on April 1, 2018.