Question: Caleb Co. owns a machine that had cost $43,600 with accumulated depreciation of $19,000. Caleb exchanges the machine for a newer model that has a

Caleb Co. owns a machine that had cost $43,600 with accumulated depreciation of $19,000. Caleb exchanges the machine for a newer model that has a market value of $55,000. 1. Record the exchange assuming Caleb paid $30,600 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $22,600 cash and the exchange has commercial substance.

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