On August $1,$ Golden Company exchanged a machine for a similar machine owned by Colt Company and received $$7,000$ cash from Colt Company. Golden's machine had an original cost of $$80,000,$ accumulated depreciation to date of $$14,500,$ and a fair market value of $$60,000.$ Colt$$s machine had an original cost of $$95,000($book value of $$45,000)$ and a fair value of $$53,000.$

Required:

$1)$ Prepare the necessary journal entry by Colt Company to record this transaction, assuming the exchange has A$)$ Commercial Substance & B$)$ No Commercial Substance. Please explain and show work!