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Caleb Co. owns a machine that had cost $46,800 with accumulated depreciation of $20,600. Caleb...

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Accounting

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Caleb Co. owns a machine that had cost $46,800 with accumulated depreciation of $20,600. Caleb exchanges the machine for a newer model that has a market value of $55,000. 1. Record the exchange assuming Caleb paid $32.200 cash and the exchange has commercial substance. 2. Record the exchange assuming Caleb paid $24.200 cash and the exchange has commercial substance, View transaction list Journal entry worksheet Record the exchange assuming Caleb paid $24,200 cash and the exchange has commercial substance. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general Journal

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