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*E10-15B Presented below are two independent transactions. Both transactions have commercial substance. 1. Rees Co. exchanged old trucks (cost $74,000 less $42,000 accumulated depreciation) plus cash of $29,000 for new trucks. The old trucks had a fair value of $25,000. 2. Keller Inc. trades its used machine (cost $20,000 less $14,000 accumulated deprecia- tion) for a new machine. In addition to exchanging the old machine (which had a fair value of $8,000), Keller also paid cash of $17,000. 10 Plant Assets, Natural Resources, and Intangible Assets Instructions (a) Prepare the entry to record the exchange of assets by Rees Co. (b) Prepare the entry to record the exchange of assets by Keller Inc