In 2021, Global Millwrights purchased a milling machine for $4,000, debiting Milling Equipment. During 2021 and 2022, Global recorded total amortization of $2,000 on the machine. In January 2023, Global traded in the machine for a new one with a fair market value of $4,200, paying $2,700 cash. This exchange transaction has commercial substance. Journalize Global Millwrights’ exchange of machines on January 15.