Question: h. Faubert exchanged an old machine for a similar machine on December 31, Year 5. Original cost of the old machine was 566,000; Updated accumulated

h. Faubert exchanged an old machine for a similar machine on December 31, Year 5. Original cost of the old machine was 566,000; Updated accumulated depreciation was $30,000. The newer machine had a fair value of $38,000; Faubert received $2,000 in the exchange. The exchange did not have commercial substance, but Faubert recorded the event as if the event had commercial substance

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