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Presented below are two independent transactions. Both transactions have commercial substance. 1. Ayayai Co. exchanged old trucks (cost $60,000 less $18,000 accumulated depreciation) plus cash of $15,000 for new trucks. The old trucks had a fair value of $39,000. Cullumber Inc. trades its used machine (cost $10,500 less $3,500 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $9,500), Cullumber also paid cash of $2,500. 2. Your answer is partially correct. Prepare the entry to record the exchange of assets by Ayayai 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 titles and enter for the amounts.) Account Titles and Explanation Debit Credit Equipment 54000 Accumulated Depreciation-Equipment 18000 Loss on Disposal of Plant Assets 3000 Cost of Goods Sold 60000 Cash 15000 e Textbook and Media List of Accounts X Your answer is incorrect. Prepare the entry to record the exchange of assets by Cullumber 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 O for the amounts.) Account Titles and Explanation Debit Credit