On August 1, Gold Company exchanged a machine for a similar machine owned by Cowboy Company and also received $7,000 cash trom Cowboy Company. Gola's machine had an original cost of $80,000, accumulated depreciaticn to date of $14,500, and a fair market value of $60,000. Cowboy's machine had an original cost of $95,000 and a book value of $45,000 and a fair value of $53,000 Requited: a. Propare the necessary journal entry by Gold Company to record this transaction. b. Pripare the necessary journal entry by Cowboy Company to record this transaction. a. Prepare the necessary joumal entry by Gold Company to record the Iransaction on August 1 . General Joumal Instructions b. Prepare the necessary joumal entry by Cowboy Company to record the transaction on August f. General Joumal instructions