Presented below are two s. Both transactions have commercial substance. . Bridgeport Co. exchanged old trucks (cost $60,000 less $18,000 accumulated depreclation) plus cash of $16,500 for new trucks. The old trucks had a fair value of $33,700. 2. Concord Inc. trades its used machine (cost $11,580 less $3,860 accumulated deprediation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,620), Concord also paid cash of $3,100 independent transaction (a) C-Your answer is correct. Prepare the entry to record the exchange of assets by Bridgeport Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the mounts.) Account Titles and Explanation Debit Credit Loss on Disposal of Plant Assets 3300 60000 Cash 16500 Prepare the entry to record the axchange of assets by Concord Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit