$*$E$9-15$B Presented below are two independent transactions. Both transactions have commercial substance.

Rees Co$.$ exchanged old trucks $($cost $$74,000$ less $$42,000$ accumulated depreciation$)$ plus cash of $$29,000$ for new trucks. The old trucks had a fair value of $$25,000.$

Keller Inc. trades its used machine $($cost $$20,000$ less $$14,000$ accumulated depreciation$)$ for a new machine. In addition to exchanging the old machine $($which had a fair value of $$8,000),$ Keller also paid cash of $$17,000.$

Instructions

$($a$)$ Prepare the entry to record the exchange of assets by Rees Co$.$

$($b$)$ Prepare the entry to record the exchange of assets by Keller Inc.