On 4 March 2025, Nguyen Ltd exchanged a machine with a cost of \($307\) 000 and accumulated depreciation of \($107\) 000 for a new similar machine with a cash price of \($330\) 000. Ignore GST.

Required

(a) Prepare general journal entries to record the exchange of the machines, assuming a trade-in allowance of \($200\) 000 was received for the old machine and \($130\) 000 was paid in cash.

(b) Prepare general journal entries to record the exchange of machines assuming a trade-in allowance of \($178\) 00 for the old machine and \($152\) 000 was paid in cash.