16 Caleb Co. owns a machine that had cost $47.200 with accumulated depreciation of $20,800. Caleb exchanges the machine for a newer model that has a market value of $56,000. 1. Record the exchange assuming Caleb paid $32.400 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $24,400 cash and the exchange has commercial substance Skipped View transaction list Journal entry worksheet Record the exchange assuming Caleb paid $32,400 cash and the exchange has commercial substance. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal