a) Manson exchanged a machine for a similar machine on 12/31/23. The original machine cost $3,705 and had a book value of $2,470. The new machine had a fair value of $2,754; Manson also received $306 in cash. The exchange did not have commercial substance.

b) Manson also exchanged its only other machine for a different machine on 12/31/23. The original machine cost $2,719 and had a book value of $1,958. The fair value was $2,125. Manson paid cash of $487 as well. The exchange did not have commercial substance.

instructions: record journal entries for asset exchange.