Needing assistance getting the answer on what is marked wrong in the picture below. I cant figure it out...

9 Caleb Co owns a machine that costs $44,800 with accumulated depreciation of $19,600. Caleb exchanges the machine for a newer model that has a market value of $53,000. 1. Record the exchange assuming Caleb paid $31,200 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb pays $23,200 cash and the exchange lacks commercial substance poims 3 Answer is complete but not entirely correct. No Transaction General Journal Debit Credit Accumulated depreciation-Machinery (old) Machinery (new) Loss on exchange of assets 19,600 53.0000 3,400 Accumulated depreciation-Machinery (old) Cash 42800 31,2001 Accumulated depreciation-Machinery (old) Machinery (new) Gan on exchange of assets Machinery (old) 19,600 53,000 4,600 4,800 23,200 Cash