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Record the exchange assuming caleb paid

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Asset exchange P5 Caleb Co. owns a machine that costs $ 42,400 with accumulated depreciation of $ 18,400. Caleb exchanges the machine for a newer model that has a market value of $ 52,000. 

(1) Record the exchange assuming Caleb paid $ 30,000 cash and the exchange has commercial substance. 

(2) Record the exchange assuming Caleb pays $ 22,000 cash and the exchange lacks commercial substance.

Reference no: EM13902641

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