Caleb Co. owns a machine that had cost $49,600 with accumulated depreciation of $22,000. Caleb exchanges the machine for a newer model that has a market value of $59,000. 1. Record the exchange assuming Caleb paid $33,600 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $25,600 cash and the exchange has commercial substance View transaction list View journal entry worksheet No Transaction Credit General Journal Machinery (new) Accumulated depreciationMachinery (old) Loss on exchange of assets Machinery (old) Cash Debit 59,000 22,000 2,200 49,600 33,600 53,200 22,000 Machinery (new) Accumulated depreciation Machinery (old) Gain on exchange of assets Cash Machinery (old) 25,600 49,600