2. Assume on January 1, 2021 they decided to trade their Machine for a NEW machine. As part of this trade, the company (Stuff Inc.) also paid $10,600 in cash. Assume that the old machine had a market value of $58,000 on January 1, 2021 (the date of the frade). The NEW machine has a market value of $68,650. Double decining balance Depreciafion method was used for the old machine assuming an original useful life of 5 years. Show all calculations including Depreciation of the old machine, Prepare the joumal entry on January 1, 2021 to record the trade (6 marks) 2. Assume on January 1, 2021 they decided to trade their Machine for a NEW machine. As part of this trade, the company (Stuff Inc.) also paid $10,600 in cash. Assume that the old machine had a market value of $58,000 on January 1, 2021 (the date of the frade). The NEW machine has a market value of $68,650. Double decining balance Depreciafion method was used for the old machine assuming an original useful life of 5 years. Show all calculations including Depreciation of the old machine, Prepare the joumal entry on January 1, 2021 to record the trade (6 marks)