View Policies Current Attempt in Progress On September 12, Concord Company agreed to an exchange of assets with another company. Concord gave up a machine with an original cost of $50,100.$30,600 in accumulated depreciation had been recorded on this machine over the course of Concord's ownership. Concord determined that the machine being given up had a fair value of $18,400. Concord also paid $7,200 in cash. Assume that Concord follows IFRS and that the transaction has commercial substance. Prepare the journal entry to record the asset exchange on Concord's books. (Credit account titles are automatically indented when the 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 Credit Date Debit Sept. 12 Save for Later Attempts: 0 of 1 used Submit