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23-1) Metro Industries trades its used machine for a new model at Denver Inc. The used machine has a book value of $8,000 (cost $12,000

23-1) Metro Industries trades its used machine for a new model at Denver Inc. The used machine has a book value of $8,000 (cost $12,000 less $4,000 accumulated depreciation) and a fair value of $6,000.The new model has a fair value of $16,000.

A) How much does Metro have to pay to or receive from Denver?Why?

B) Prepare Metro's journal entry to record this exchange. Assume the exchange has commercial substance>

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